Kuwait based lender Burgan Bank has received regulatory approval from Turkey’s Banking Regulation and Supervision Agency (BRSA) to acquire 99.26% stake in Eurobank Tekfen in Turkey from Eurobank EFG.
In October this year, Kuwait Central Bank had granted permission for the deal and the current Turkey’s BRSA approval will pave the way to complete the deal.
The acquisition agreement was entered by the parties in April this year.
Burgan Bank chairman Majed Essa Al Ajeel said, "With this acquisition, Burgan Bank will gain access to the attractive Turkish banking market through an established franchise offering holistic banking services to Corporate, SME, Private banking and Retail clients."
Founded in1989, Eurobank Tekfen manages 60 offices in Turkey.