Kuwait-Mubasher: Burgan Bank said it has sealed an agreement to sell its 51.19% stake in Jordan Kuwait Bank to a subsidiary of Kuwait Projects Holding (KIPCO) for KWD 191.13 million or around $628.1 million

The bank said in a bourse statement that the deal will result in a decrease of over KWD 500 million in risk-weighted assets.

It added that the capital adequacy ratio (CAR) is expected to exceed 15% after the sale deal.

Burgan noted that the financial impact of the deal will reflect in the registries of the fiscal year ended 31 December, 2015.