Kuwait's KIPCO says receives approval for stake increase in Burgan Bank

DUBAI, Sept 4 Thu Sep 4, 2014 4:24am EDT

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DUBAI, Sept 4 (Reuters) - Kuwait Projects Company (KIPCO) said on Thursday it received approval from the country's central bank to increase its stake in Burgan Bank by 5 percent.

A bourse filing by KIPCO added that its direct and indirect stake in the Kuwait's third-largest lender by assets currently stands at 57.94 percent.

The statement did not indicate when the stake increase would be completed. (Reporting by Azza Al Arabi; Editing by David French)