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Kuwait’s Burgan Bank has received a no objection from the country’s Central Bank to move ahead with its plan for the 100% acquisition of Bahrain’s United Gulf Bank (UGB), according to a market disclosure.
The acquisition will be subject to studies and final approvals from relevant authorities in Kuwait and Bahrain, Burgan Bank stated.
Burgan Bank and UGB are both owned by investment firm Kuwait Projects Co (KIPCO).
(Writing by Bindu Rai, editing by Daniel Luiz)
