Burgan Bank of Kuwait sells its stake in the Bank of Baghdad

by **claud39** Sun Jan 05, 2020 1:01 pm

Burgan Bank of Kuwait sells its stake in the Bank of Baghdad

January 05, 2020

Burgan Bank of Kuwait sells its stake in the Bank of Baghdad 1024

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/

by **Jayzze** Sun Jan 05, 2020 7:48 pm

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

Burgan Bank of Kuwait sells its stake in the Bank of Baghdad

Burgan Bank of Kuwait sells its stake in the Bank of Baghdad

Re: Burgan Bank of Kuwait sells its stake in the Bank of Baghdad