Burgan Bank Buys UGB's Assets As Part Of Regional Expansion

One of Kuwait's leading commercial banks, Burgan Bank, announced on May 12 that it had agreed to buy the holdings of Bahrain-based United Gulf Bank in four countries across the Middle East and North Africa region. The deal, which is worth around US$727mn, involves the sale of UGB's holdings in Algeria Gulf Bank, Bank of Baghdad, Jordan Kuwait Bank and Tunis International Bank. The transaction, which will also involve the issue of 200mn new shares in Burgan Bank, is expected to close in June, although it is still subject to regulatory approval from the relevant authorities in Kuwait, Bahrain and

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