Burgan Bank of Kuwait sells its stake in the Bank of Baghdad
2 posters
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Burgan Bank of Kuwait sells its stake in the Bank of Baghdad
Burgan Bank of Kuwait sells its stake in the Bank of Baghdad
January 05, 2020

Burgan
BURG
[size=37][ltr]-2.96%
295.00
-9.00[/ltr][/size]
Baghdad
BBOB
[size=37][ltr]0.00%
0.30
0.00[/ltr][/size]
Kuwait - Mubasher: Burgan Bank announced that it has entered into an agreement to sell the bank’s 51.8 percent ownership interest in Baghdad Bank to United Gulf Holding Company (an associate company ).
He said , " Burgan" in a statement to the Kuwait Stock Exchange on Sunday, said that the sale is in line with the Bank 's strategy; to improve returns on risk to the Bank 's shareholders .
The sale process would also provide the opportunity for Burgan Bank to focus on the bank's main market in Kuwait and to integrate and cooperate more with the subsidiary banks operating in Turkey, Algeria and Tunisia .
The bank stated that the completion of the transaction is subject to obtaining the necessary approvals from the relevant regulatory authorities in Iraq .
He pointed out that although this deal may have a negative one-time effect of 9 million Kuwaiti dinars ($ 29.8 million) on net income in 2019, it is expected to reverse part of this negative one-time effect of 4 million Kuwaiti dinars Almost after the deal is completed .
He continued: Despite the negative impact, Burgan Bank expects to maintain a good level of profits for 2019 .
Moreover, according to the statement, the deal will also have a positive impact on the quality of the assets of the Burgan Bank Group by reducing non-performing loans by approximately 34 million Kuwaiti dinars, which has an impact of about 70 basis points on the non-performing loan ratio of the group .
The profits of Burgan Bank declined by 4.9 percent in the first nine months of last year, to reach 67.45 million dinars, compared to profits of 70.96 million dinars for the same period in 2018 .
As for the Bank of Baghdad, its profits declined 97.2 percent during the first nine months of last year, to reach 534 million Iraqi dinars, compared to profits of about 19.13 million dinars for the same period in 2018 .
Nominations :
https://www.mubasher.info/news/3579985/%D8%A8%D9%86%D9%83-%D8%A8%D8%B1%D9%82%D8%A7%D9%86-%D8%A7%D9%84%D9%83%D9%88%D9%8A%D8%AA%D9%8A-%D9%8A%D8%A8%D9%8A%D8%B9-%D8%AD%D8%B5%D8%AA%D9%87-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1%D9%81-%D8%A8%D8%BA%D8%AF%D8%A7%D8%AF/
January 05, 2020

Burgan
BURG
[size=37][ltr]-2.96%
295.00
-9.00[/ltr][/size]
Baghdad
BBOB
[size=37][ltr]0.00%
0.30
0.00[/ltr][/size]
Kuwait - Mubasher: Burgan Bank announced that it has entered into an agreement to sell the bank’s 51.8 percent ownership interest in Baghdad Bank to United Gulf Holding Company (an associate company ).
He said , " Burgan" in a statement to the Kuwait Stock Exchange on Sunday, said that the sale is in line with the Bank 's strategy; to improve returns on risk to the Bank 's shareholders .
The sale process would also provide the opportunity for Burgan Bank to focus on the bank's main market in Kuwait and to integrate and cooperate more with the subsidiary banks operating in Turkey, Algeria and Tunisia .
The bank stated that the completion of the transaction is subject to obtaining the necessary approvals from the relevant regulatory authorities in Iraq .
He pointed out that although this deal may have a negative one-time effect of 9 million Kuwaiti dinars ($ 29.8 million) on net income in 2019, it is expected to reverse part of this negative one-time effect of 4 million Kuwaiti dinars Almost after the deal is completed .
He continued: Despite the negative impact, Burgan Bank expects to maintain a good level of profits for 2019 .
Moreover, according to the statement, the deal will also have a positive impact on the quality of the assets of the Burgan Bank Group by reducing non-performing loans by approximately 34 million Kuwaiti dinars, which has an impact of about 70 basis points on the non-performing loan ratio of the group .
The profits of Burgan Bank declined by 4.9 percent in the first nine months of last year, to reach 67.45 million dinars, compared to profits of 70.96 million dinars for the same period in 2018 .
As for the Bank of Baghdad, its profits declined 97.2 percent during the first nine months of last year, to reach 534 million Iraqi dinars, compared to profits of about 19.13 million dinars for the same period in 2018 .
Nominations :
https://www.mubasher.info/news/3579985/%D8%A8%D9%86%D9%83-%D8%A8%D8%B1%D9%82%D8%A7%D9%86-%D8%A7%D9%84%D9%83%D9%88%D9%8A%D8%AA%D9%8A-%D9%8A%D8%A8%D9%8A%D8%B9-%D8%AD%D8%B5%D8%AA%D9%87-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1%D9%81-%D8%A8%D8%BA%D8%AF%D8%A7%D8%AF/
claud39- VIP NewsHound
- Posts : 18367
Join date : 2018-11-04
Re: Burgan Bank of Kuwait sells its stake in the Bank of Baghdad
claude smart move many to follow real soon . the great demise is coming real soon. get ready to sell at one sixty forth of a cent per dinar
Jayzze- VIP Member
- Posts : 5981
Join date : 2011-06-23

» Kuwaiti Burgan Bank negotiating to sell its stake in Baghdad Bank
» National Bank of Kuwait raised its stake in Credit Bank of Iraq
» UGH gets Approval to buy stake in Bank of Baghdad
» Shell sells its stake in West Qurna oil field
» Oil official: Shell sells its stake in an Iraqi oil field to Japan's Itochu
» National Bank of Kuwait raised its stake in Credit Bank of Iraq
» UGH gets Approval to buy stake in Bank of Baghdad
» Shell sells its stake in West Qurna oil field
» Oil official: Shell sells its stake in an Iraqi oil field to Japan's Itochu
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
» Angela Hitler gathers lieutenants in Germany to mourn loss of Fourth Reich
» 10 years of the new notes came out!
» The Association of Brokerage Companies: Changing the dollar exchange rate contributed to raising the value of Iraqi shares
» Iran: Exports to Iraq amounted to $9.5 billion
» Al-Hakim calls for choosing the next prime minister within specific criteria
» What does Iraq look in a post-Sadr era?
» Sadrist leading figure to the Coordination Framework: the fire you made will burn everyone
» Iraqi parliament swears in new members to replace Sadrists
» USD/IQD closes slightly lower in Baghdad
» Norway offers US$ 7.5 million to Iraq
» Asia's thirst for cheap Russian oil hits Opec's No 2 producer Iraq
» Iraq’s exposure to US securities was up to about $28 billion in April
» The Central Bank: We have taken effective measures to protect the banking sector and combat money laundering
» Al Qirtas Islamic Bank - The first use of modern systems from DN SeriesTM ATMs in Iraq
» The Central Bank of Iraq: We launched 17 trillion dinars of development initiatives
» Central: The Letter of Guarantee platform issued more than 30,000 letters, worth 9.3 trillion
» The Governor of the Central Bank discusses obstacles to the work of Islamic banks with the International Rating Agency
» The Central Bank of Iraq decides to sell the dollar to pilgrims at the official exchange rate
» The central bank is moving at a steady pace to support and revitalize the economy
» The central electronic platform for letters of guarantee enhances confidence in banking transactions
» Who's on First?
» Frank26 says - From black list removal to high credit ratings for Iraq. This is how you get a new exchange rate
» Becky McGee/Oootah - "Wanted: Attorney and/or Lawyer!" 3/10/19
» Meta 1 Coin Has Crack Team Of Lawyers? Why Is Dave Schmidt Still Rotting In Jail?
» California pot shops prepare for their first day of legal recreational marijuana sales TODAY
» One Crazy Guy
» CBI sells $1+ billion in forex for second week in a row
» Iraq and the World Bank hold a workshop to develop public debt management
» Combating financial crimes enhances confidence in the banking sector
» Forex-US dollar notches in Baghdad
» USD/IQD closes lower in Baghdad
» What Happens when Cancer is treated with Cannabis? VIDEO
» VIDEO: Viral Hydroxychloroquine Doctor Demands Joe Biden Apologize After Media Finally Acknowledges HCQ Works
» USD/IQD closes slightly higher in Baghdad
» CBI sold +3$ billion in forex in May
» Finance agrees with the World Bank to help Iraq by activating the General Authority for Taxes
» Central Bank Governor: The Iraqi banking sector is witnessing development and openness to the outside
» The Central Bank prevents Visa and Master card holders from giving them to any party
» Al-Kazemi’s advisor identifies the reasons for the failure to approve the final accounts since 2012