Bahrain’s UGH gets approval to acquire Bank of Baghdad stake – The National

Bahrain’s UGH gets approval to acquire Bank of Baghdad stake – The National

Bahrain's UGH gets approval to acquire Bank of Baghdad stake. The deal will increase UGH's balance sheet size by $1bn. The United Gulf Holding (UGH), a Bahrain-listed financial services firm, received approval from the Central Bank of Iraq to buy a stake in Bank of Baghdad.. The company will acquire 51.8 per cent stake in Bank of Baghdad, one of the largest commercial banks in Iraq, from Kuwait-based Burgan Bank, UGH said in statement on the Bahrain bourse on Wednesday.. The transaction is expected to be "profit accretive going forward" for the company and will increase the size of its balance sheet by $1 billion (Dh3.67bn), UGH said.. The transaction is expected to be completed by the end of March this year.. Burgan Bank earlier this month said it inked a deal to sell its majority stake in Bank of Baghdad to UGH - one of its sister companies - as it looks to reduce group-wide non-performing loans, exit riskier assets and consolidate its position in the domestic market.. First Abu Dhabi Bank, the UAE's largest lender by assets, is currently in discussions with Lebanon's Bank Audi to acquire its fully-owned subsidiary in Egypt.. Earlier this month, Dubai Islamic Bank