Business & Finance Club - KUWAIT -- Burgan Bank said Sunday it has completed the purchasing of Tunis International Bank (TIB) from United Gulf Bank (UGB).

The deal, which is part of Burgan Bank's regional expansion strategy, involves the purchasing of Jordan Kuwait Bank, Gulf Bank, Gulf Bank Algeria, Bank of Baghdad and Tunis International Bank for a total of USD 725 million (KD 194 million), Burgan Bank Chairman Majed Al Ajeel said in a release.

"We are delighted to have completed the first stage of our regional expansion strategy by the acquisition of Tunis International Bank," he said.

"This deal further extends our presence in North Africa and gives us a unique opportunity to develop our banking activity in Tunisia. The deal also marks the completion of the first stage in our aggressive regional expansion strategy and we are delighted with the progress our regional banking network is making," he added.

For his part, United Gulf Bank Chief Executive Officer David Rhodes, said: "We are delighted that we have now completed the agreement with Burgan Bank for the sale of our regional operations." "The deal will allow us to move forwards with our new business plan and is a catalyst for our development as one of the region's leading investment banks and asset management companies," he added.

Burgan Bank is a subsidiary of KIPCO (Kuwait Projects Company). The youngest and most dynamic commercial bank in the State of Kuwait, established in 1977, the Bank has acquired a leading role in the retail, corporate and investment banking sector through innovative product offers and technologically advanced delivery channels.