United Gulf Holding Company B.S.C. (BAX:UGH) signed an agreement to acquire a 51.8% stake in Bank of Baghdad from Burgan Bank K.P.S.C. (KWSE:BURG) on January 6, 2020. The transaction has been funded by medium term debt of $55 million. The transaction is subject to regulatory approval by Central Bank of Iraq and other conditions precedent. The transaction is expected to complete by March 31, 2020. As of January 7, 2020, The Central Bank of Iraq approved the transaction for the acquisition of Bank of Baghdad. The acquisition is expected to be profit accretive going forward.

United Gulf Holding Company B.S.C. (BAX:UGH) cancelled the acquisition of a 51.8% stake in Bank of Baghdad from Burgan Bank K.P.S.C. (KWSE:BURG) on June 11, 2020. Transaction was cancelled due to the challenging macroeconomic environment caused by COVID-19 pandemic in several countries and its implication on the current economic situation.