Burgan Bank S.A.K. has received approval from Turkey's Banking Regulation and Supervision Agency to acquire a 99.26% stake in Turkey's Eurobank Tekfen from Greek Eurobank EFG for KD 99 million (USD 355 million). The transaction was earlier approved by the Kuwait's central bank. The deal also envisages that Burgan would acquire an additional portfolio of KD 78 million loans issued by EFG to the Turkish unit.

Burgan is to pay for the transaction from its existing internal cash resources.