Burgan Bank to sell stake in its Turkey unit

Burgan Bank has agreed to sell a 52 percent stake in Burgan Bank Turkey to Al Rawabi United Holding, which is owned by Kuwait Projects. According to a Bloomberg report, Burgan Bank will continue to maintain operational control of the unit and consolidate the bank in its financial statements. The transaction is expected to be completed within the next few weeks. According to the Bloomberg report, the sale is expected to have a positive impact on Burgan Bank's capital ratios and reduce the impact of Turkish Lira volatility on its balance sheet. The financial details of the transaction were not specified in the statement.