Mubasher: Burgan Bank on Wednesday announced redeeming bonds at a value of KWD 72.8 million of the Lower Tier 2 tranche.
The Lower Tier 2 tranche represents a high-cost financing source for the bank, Burgan said in a statement to Boursa Kuwait, noting that the redemption of these bonds will contribute to reducing its financing costs.
In mid-March, the Central Bank of Kuwait (CBK) approved Burgan Bank’s request to redeem the Lower Tier 2 tranche, which was issued on 27 December 2012 at a value of KWD 100 million.
