United Gulf Holding Company (UGH) said it has signed a share purchase agreement to sell its wholly-owned subsidiary United Gulf Bank (UGB) to Burgan Bank for $190 million.
The sale is expected to be completed by March 31, 2025, subject to regulatory approvals, UGH said in a bourse filing.
UGB is a strategic investor with a 60 per cent stake in Kamco Investment Company, a regional non-banking financial institution headquartered in Kuwait.
Burgan Bank, a Kuwait-based conventional bank with a significant focus on the corporate and financial institution sectors, is also expanding its retail and private banking customer base.
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