Kuwait's KIPCO takes majority stake in Malta's Fimbank

United Gulf Bank, KIPCO's Bahrain-based merchant banking unit and Burgan Bank, the Kuwaiti firm's commercial banking arm, got regulatory approvals to buy a combined 68.7% stake in Fimbank.

United said it has received the green light from regulators to acquire up to 43.7% of Fimbank, while Burgan said it was buying a 25% stake.

Fimbank specializes in international trade finance and is listed on the Maltese stock exchange with a total market value of about $146 million.

Burgan, the commercial banking arm of Kuwait Projects Co (KIPCO) said in October it was planning to buy the stake in Fimbank for an undisclosed price. The Kuwaiti bank bought the Turkish arm of EFG Eurobank last year.

KIPCO had assets worth $25.6 billion as at December 31, 2012.