Burgan Bank to acquire United Gulf Bank for $190m.

Burgan Bank, a Kuwait commercial bank, agreed to acquire United Gulf Bank, a licensed conventional wholesale bank, for $190m. “The 100% acquisition of UGB aligns with the Bank’s new asset reallocation strategy and efforts to build new and diversified revenue streams. This transaction would benefit Burgan by providing access to KAMCO Invest’s platform to further drive its non-interest income. Additionally, it will help expand the Bank’s footprint across the GCC region while contributing to bolstering potential revenues and synergies through UGB’s banking license,” Tony Daher, Burgan Bank CEO.