United Gulf Bank (UGB), the asset management and investment banking platform of the Kuwait Projects Co, or Kipco Group, has increased its stake in Burgan Bank to 17%.

UGB increased it stake in Burgan Bank having received the necessary regulatory approvals and following the conclusion of sale of its commercial banking assets to Burgan Bank.

Burgan Bank was 6.21% owned by UGB and 51.7% by Kipco Group. In July, Kipco decided to sell 13% of Burgan Bank to UGB.

Burgan Bank CEO Eduardo Eguren said that the UGB's decision to increase its stake in Burgan Bank affirms that the bank has made progress in its local and regional growth trajectory plan.

"We welcome their decision and look forward to strengthening our relationship further in the future," Eguren said.