VOL. XXXIX
No. 56
21-October-1996
KUWAIT
KIPCO Buys Stake In Burgan Bank
Kuwait Investment Projects Company (KIPCO) has raised its holding in Burgan Bank to 22% by purchasing 15mn shares in an auction, and in so doing has refuelled rumors that a merger between Burgan and Bank of Kuwait and the Middle East is once again on the cards. According to the Arabic daily al-Watan, there is now an agreement in principle that the two banks will merge before the year end.
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