CBI Approves Sale of Bank of Baghdad

By John Lee.

Kuwait's Burgan Bank has announced that the sale of its 51.8-percent share in Bank of Baghdad (BBOB) to Jordan Kuwait Bank (JKB) has been approved by the Central Bank of Iraq (CBI).

The deal's completion is subject to the fulfilment of legal documentation and Iraqi Stock Exchange requirements.

Burgan Bank is a majority owned subsidiary of KIPCO (Kuwait Investment Projects Company); Al Rawabi United Holding Co., a subsidairy of KIPCO, owns about 51 percent of Jordan Kuwait Bank's capital.

(Sources: Burgan Bank, JKB)

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