Burgan Bank receives approval to acquire United Gulf Bank
Date
8/26/2024 5:58:03 AM
(MENAFN) On Sunday, Kuwait's Burgan bank announced that it has secured a "no-objection" letter from the Central Bank of Bahrain regarding its Acquisition of 100 percent of United Gulf Bank, based in Bahrain. The announcement, made through a disclosure on the Kuwait Stock Exchange, indicated that the completion of this acquisition is contingent upon fulfilling required studies and obtaining final approvals from the relevant regulatory authorities in both Kuwait and Bahrain.
Founded in 1977 and headquartered in Kuwait, Burgan Bank operates several subsidiaries including Burgan Bank Turkey, Gulf Bank Algeria, and Tunis International Bank. The bank also maintains a presence in the UAE through its representative office, Burgan Financial Services Limited. Additionally, Burgan Bank is a majority-owned subsidiary of Kuwait Projects Company Holding (KIPCO). The acquisition marks a significant expansion for Burgan Bank as it continues to enhance its regional footprint and financial offerings.
MENAFN26082024000045015682ID1108600375
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.