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Burgan Bank receives approval for Turkish acquisition
- Kuwait: Sunday, October 07 - 2012 at 08:59
Kuwaiti lender Burgan Bank has said it had received approval from the Kuwaiti central bank for its planned purchase of Eurobank's Turkish arm, Reuters has reported. Burgan said in April it planned to buy a 99.26% stake in Eurobank Tekfen. It will acquire 70% of the lender from Tekfen's Greek partner EFG Eurobank in a $355m deal, while the remaining 29.26% stake will come from Tekfen Holding for an undisclosed sum.
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