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Burgan Bank, United Gulf Bank Get Approval to Buy FIMBank Stake

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.

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