Burgan Bank plans $530m bond
Abu Dhabi, November 4, 2013
Kuwait's Burgan Bank plans to raise up to 150 million Kuwaiti dinars ($531 million) through a conventional bond early next year to fund its expansion in the Mena region, its chairman said on Monday.
"We will appoint banks to arrange the bond sale in first quarter 2014," Majed al-Ajeel told Reuters on the sidelines of a banking conference, saying that the lender was looking to raise between 100-150 million dinars.
Burgan is the commercial banking arm of Kuwait Projects Co (Kipco). In May Kipco used Burgan and another subsidiary, United Gulf Bank, to take a majority stake in Malta's Fimbank, which specialises in trade finance.
"It is a door to the European Union," Ajeel said, adding that Fimbank had joint ventures in 13 countries.
He said Burgan had no plans to take a stake in Warba Bank, , which listed on the stock exchange in September. . Burgan has 28 branches in Kuwait and further expansion in the local market will be needs-based, he said. – Reuters