Burgan Bank to sell 52 pct stake of Burgan Turkey to KIPCO

KUWAIT, Nov 12 (KUNA) -- Burgan Bank agreed to sell 52 percent stake in Burgan Bank - Turkey (BBT) to Rawabi Holding company, owned by Kuwait Projects Company (Holding) KIPCO.

In an announcement published on Boursa Kuwait's website on Sunday, the bank said it will continue control over BBT operations, hence consolidating BBT in its financial results.
The bank expects this deal to have a positive impact on capital and limit the effect of unstable lira exchange rates on the bank's financial statements.
The transaction received the approval from the Central Bank of Kuwait (CBK) and Turkey's Banking Regulation and Supervision Agency (BRSA), and is expected to be concluded within the next few weeks, the bank added.
Burgan Bank was founded in 1975 and was enlisted in boursa Kuwait in 1984 with a capital of KD 400 million (about USD 1.2 billion). (end) mka.ht.ag.