Mubasher: Burgan Bank said that it plans to transfer the ownership of its 51.8% stake in Bank of Baghdad to the United Gulf Holding Company (UGH), which is a sister company of the Kuwait-based bank.

The stake represents nearly 129.48 million shares of Bank of Baghdad at a value of IQD 155.68 million or KWD 39.9 million ($129.8 million), according to a stock exchange filing on Monday.

Last January, the Central Bank of Iraq (CBI) approved the transaction.