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Burgan Bank has agreed to sell a 52% stake in its Turkish unit, Burgan Bank Turkey to Al Rawabi United Holding. Burgan Bank would continue to maintain operating control over unit and consolidate it in its financial results. The stake sale is expected to be concluded in the upcoming weeks and analysts believe that it should have a positive impact on Burgan Bank’s lender’s capital ratios. Besides, they note that the transaction should also help reduce the impact of the Turkish lira volatility on its books.
Burgan Bank’s dollar bonds rallied by over 3 points – its 5.749% Perp jumped 3.2 points to 95.76, yielding 12.8% to call.