Mubasher: Burgan Bank announced that the Central Bank of Kuwait (CBK) has given its preliminary approval for issuing KWD 150 million ($495.5 million) or less unsecured bonds of absolute priority in the local market.

Kuwait's third-largest lender by assets noted that the bonds have a duration not exceeding five years, according to a bourse statement on Monday.

Burgan Bank added that the return on these bonds will be used for the bank’s general business.

This bonds issue is subject to the approval of the Capital Markets Authority (CMA) and the final nod by the CBK.