Kuwait’s Burgan Bank agrees to sell ownership in Bank of Baghdad

— Burgan Bank announced on Sunday that its Board has agreed to sell its ownership stake of 51.8 percent in Bank of Baghdad to Jordan Kuwait Bank, expecting KD two million (USD 6.6 million) in sale profits.

This came in the bank’s disclosure posted on the Boursa Kuwait’s website, saying that this sale is in line with Burgan’s strategy of asset reallocation and ensures Burgan’s focus on growth in its core market, Kuwait in line with its existing strategy.

It noted that the sale of Bank of Baghdad will have several key impacts on Burgan Bank, such as avoiding an increase in NPL Ratio by 60 bps, Improvement in Common Equity Tier 1 Ration by 70 bps and profit on sale of KD 2.0 million (USD 6.6 million).

Source: Kuwait News Agency