Burgan Bank sells majority stake in Jordanian bank to parent firm | GulfNews.com:
"Kuwait’s Burgan Bank said on Wednesday it would sell its controlling stake in Jordan Kuwait Bank to another subsidiary of parent firm Kuwait Projects Company (KIPCO).
The deal, involving Jordan’s fourth-largest bank by assets according to Thomson Reuters data, is part of a series of steps being taken to boost Burgan’s capital in preparation for the introduction of the Basel III global finance rules, Burgan said in a bourse filing.
The transaction will reduce Burgan’s risk-weighted assets by more than 500 million dinars ($1.65 billion; Dh6.1 billion) and enhance the total capital adequacy ratio (CAR) of Kuwait’s third-largest bank by assets to over 15 per cent at the end of 2015."
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