In a significant move for the regional banking sector, Burgan Bank, a Kuwait-based financial institution, has received approval from the Central Bank of Kuwait to proceed with a complete acquisition of United Gulf Bank (UGB) in Bahrain. Both Burgan Bank and UGB are subsidiaries of Kuwait Projects Company (KIPCO), an investment firm. This acquisition is aimed at strengthening Burgan Bank’s market position and expanding its reach in the Gulf region. However, the implementation of the acquisition still depends on further studies and final approvals from relevant authorities. The market disclosure was made via the Kuwait Boursa. The approval marks a pivotal moment in Burgan Bank’s strategic growth plans, pending final regulatory clearances.

Banking, Investment,Kuwait, Bahrain

https://www.zawya.com/en/markets/equities/kuwaits-burgan-bank-gets-central-bank-nod-for-acquisition-of-ugb-bahrain-spnw39n4