Mubasher: Boubyan Bank has obtained the approval of the UK's Prudential Regulation Authority (PRA) to acquire Bank of London and The Middle East Holdings (BLME Holdings).
The offer remains subject to the terms and conditions set in the takeover proposal document, which holds the first closing date on 27 January, according to a statement by Boursa Kuwait on Wednesday.
Boubyan bank referred that the impact on the bank’s financial position cannot be determined at the current stage as it depends on how the offer will be accepted as well as Boubyan Bank’s final ownership.
It is noteworthy to mention that in December, the bank reached an agreement with BLME Holdings regarding the conditions of its recommended all-cash offer to fully acquire BLME Holdings at a value of $158 million.
