Kuwait Projects Co (Kipco) plans to sell a 13 per cent stake in its commercial banking arm Burgan Bank to its 96-per cent owned unit United Gulf Bank, the firm said on Monday.

Kipco said it will not book any profits or losses from the transaction.

Kipco owns a 55.5 per cent stake in Burgan Bank according to bourse data.

Last week, Bahrain-based UGB, Kipco's investment banking unit said it got the Kuwaiti central bank approval to acquire a 20 per cent stake in Burgan. – Reuters