(MENAFN- Kuwait News Agency (KUNA)) Burgan Bank on Sunday announced the Central Bank of Kuwait's approval of its acquisition of a 25pct stake in Malta's WIMBank.
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 99.26pct 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 TRY641mn (KD 99 million) 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.
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