Mubasher: Burgan Bank has received Kuwait’s Capital Markets Authority’s (CMA) approval to issue Additional Tier 1 (AT1) capital securities at up to $500 million.
The Kuwaiti lender will use proceeds from the issuance for general corporate purposes, according to a statement to Boursa Kuwait on Thursday.
The issuance is still subject to the final approval of the Central Bank of Kuwait (CBK), the statement added.
These securities will help Burgan Bank in managing its capital ratios in line with regulatory requirements.
In mid-May, the Kuwaiti bank announced receiving CMA’s approval to issue perpetual bonds at up to $500 million.
