PHOTO
The Central Bank of Kuwait has given approval to the country’s Burgan Bank to move ahead with its plan for the 100% acquisition of Bahrain’s United Gulf Bank (UGB), according to a market disclosure on the Kuwait Boursa.
The implementation of the acquisition process will be subject to studies and final approvals from relevant authority, Burgan Bank stated.
Burgan Bank and UGB are both owned by investment firm Kuwait Projects Co (KIPCO).
(Writing by Bindu Rai, editing by Seban Scaria)
