Burgan gets Kuwait's Central Bank approval to acquire 25% of Malta''s WIMBank

Burgan Bank has announced the Central Bank of Kuwait's approval of its acquisition of a 25% stake in Malta's WIMBank.

8 October 2012, 12:00am
by Karl Stagno-Navarra

1 min read

The full acquisition of the Maltese bank now only awaits final agreements on the acquisition to be signed, Burgan Bank said in a statement posted on the official website of the Kuwait Stock Exchange (KSE).

Burgan Bank, a Kuwaiti-owned bank with a regional presence in Jordan, Iraq, Algeria and Tunisia, had also entered into an agreement with Eurobank EFG to acquire a 99.26% stake in Turkey's Eurobank Tekfen.

Under the terms of the SPA, Burgan Bank has agreed to acquire the stake for a consideration value of 99 million Kuwaiti Dinars representing 0.98x based on September 30th 2011 shareholders equity.

Yesterday, Burgan Bank had receieved the go-ahead from Kuwait's Central Bank for the move, yet still awaits the approval of Turkish regulators for the move to be fully completed.