Kuwait’s Burgan Bank exits Bank of Baghdad

Issue 1161 - 15 Jan 2023 | 1 minute read

Kuwait Projects Company (Kipco) subsidiary Burgan Bank said on 10 January that it had gained approval from Central Bank of Iraq (CBI) to sell its 51.8% stake in Bank of Baghdad to Amman-based Jordan Kuwait Bank (JKB). The value of the transaction was not revealed, but Burgan said it would help it to avoid a rise in its non-performing loans ratio.

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