Burgan Bank SAK and United Gulf Bank, units of Kuwait Projects Co., obtained regulatory approvals to purchase stakes in Malta-based FIMBank Plc.
The Maltese Financial Services Authority approved Burgan’s bid to buy 25 percent of FIMBank, the Kuwaiti lender said in a statement to the Kuwait Stock Exchange. Bahrain-based United Gulf Bank was given approval by Bahrain’s central bank and Malta’s FSA to buy as much as 43.7 percent with expected investment reaching as much as $125 million, according to a separate statement.
Kuwait Projects is the country’s biggest privately owned investment company with consolidated assets of $25.6 billion. Burgan Bank last year raised $356 million from a bond sale as it seeks financing to bolster its capital base amid expansion.
To contact the reporter on this story: Fiona MacDonald in Kuwait at email@example.com
To contact the editor responsible for this story: Shaji Mathew at firstname.lastname@example.org