EEMEA round-up: Burgan goes regional
Kuwait Projects Company (Kipco) has decided to reorganize its financial services holdings.
It will sell the regional holdings of its Bahraini bank, UGB, to its Kuwaiti institution, Burgan Bank. Burgan has agreed to buy UGB’s holdings in Algeria, Gulf Bank, Bank of Baghdad, Jordan Kuwait Bank, and Tunis International Bank for $725 million. It is expected the transaction, which is subject to approval by the relevant countries’ authorities, will involve the issue of some 200 million new shares in Burgan Bank.