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Mon 28 Jun 2010 07:49 AM

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Kuwait's Burgan completes $725m Tunis Bank sale deal

The Kuwaiti lender completes purchase of banking assets from United Gulf Bank.

Kuwait's Burgan completes $725m Tunis Bank sale deal
EXPANSION PLAN: The Kuwaiti lender has completed the purchase of Tunis International Bank.

Burgan Bank has completed the purchase of Tunis International Bank from United Gulf Bank, the Kuwaiti lender’s chairman said.

Under the KD194m ($725m) deal, Burgan has bought Jordan Kuwait Bank, Gulf Bank, Gulf Bank Algeria, Bank of Baghdad and Tunis International Bank, Majed Al Ajeel said in a release, cited by the KUNA news agency.

"This deal further extends our presence in North Africa and gives us a unique opportunity to develop our banking activity in Tunisia.

“The deal also marks the completion of the first stage in our aggressive regional expansion strategy and we are delighted with the progress our regional banking network is making," Al Ajeel was quoted as saying.

Burgan Bank is a subsidiary of Kuwait Projects Company (KIPCO).

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