Bahrain bank in talks to sell assets

 

 

Bahrain's United Gulf Bank, a unit of Kuwait Projects Co, is in talks to sell part of its investments, the bank said on Sunday.

 

"The bank is in early talks regarding this matter depending on the outcome of due diligence," the bank said in a statement on the Kuwait bourse website, adding that no decision had been taken yet.

 

It gave no further details.

 

The statement came after Kuwaiti daily al-Rai said in an unsourced report that UGB is to sell its shares in several Arab commercial banks in a deal worth more than $1 billion.

 

The newspaper said UGB and its parent KIPCO would book a profit of $570 million (Dh2.1 billion) from the sale.

 

The bank would sell shares in Jordan Kuwait Bank, Tunis International Bank, Algeria Gulf Bank, Syria Gulf Bank and Bank of Baghdad, al-Rai said. (Reuters)