Burgan Bank (P.S.A.K. – Kuwait entity), the owner of a 51.79% stake in The Bank of Baghdad, a subsidiary of Kuwait Projects Group (Holding) – KIPCO. It has announced an agreement to sell its full stake in capital of The Bank of Baghdad to United Gulf Holding Company (UGH – Bahrain entity). The transaction will be executed after obtaining the necessary regulatory approvals and the completion of the sales procedures in accordance with the applicable law and regulations. United Gulf Holding Company owns United Gulf Bank and has total assets of approximately US$3,398 million at the end of 2018. It is a member of KIPCO, one of the largest and diversified holding companies in the Middle East and North Africa, whose main activities are concentrated in the financial services and media sectors. It owns major ownership stakes in commercial and investment banks and companies engaged in asset management and insurance. It is known, that United Gulf Bank has already invested in the shares of The Bank of Baghdad by 39.1% over 2005 - 2009 years, wherein it achieved 15.8 IQD in profits, prior to Burgan Bank’s investment in the shares of the bank.


There is no financial or administrative impact on the financial statements published as of December 31, 2019
The completion of the transfer of the ownership of the shares of Bank of Baghdad is pending the approval of the relevant regulators inside Iraq, which has not been finalized yet