No. 56



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.