Burgan Bank obtains CBK approval to acquire UGB

Kuwait Projects Co SPC Limited
19 December 2024
 

Kuwait Projects Co SPC Limited

 

Supplementary Disclosure regarding Burgan Bank obtaining final CBK approval to acquire 100% stake in UGB

 

Kuwait Projects Company (Holding) K.S.C.P. (KIPCO), in its capacity as the Guarantor of Kuwait Projects Co SPC Limited, announced that Burgan Bank (a subsidiary of KIPCO Group) has obtained final approval from the Central Bank of Kuwait (CBK) to acquire a 100% stake in United Gulf Bank B.S.C.C. (UGB), a Bank that operates in the Kingdom of Bahrain under a Wholesale Banking License.

 

The implementation of this transaction remains subject to closing procedures, which are expected to be completed during first quarter of 2025.

 

For further information, please contact:

Investors, Press and Media:

Eman Al-Awadhi

49th Floor

KIPCO Tower, Khaled Bin Al-Waleed St, Sharq

P.O. Box 23982

Safat 13100

Kuwait

Tel: +965 2294 3416, Email: eman.alawadhi@kipco.com

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