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-Burgan Bank denies speculation on Eurobank Tekfen deal.

BANKING AND CREDIT NEWS-February 23, 2012--Burgan Bank denies speculation on Eurobank Tekfen deal(C)2012 M2 COMMUNICATIONS http://www.m2.com

23 February 2012 - Burgan Bank is not involved in discussions related to the purchase of a majority holding in Turkish Eurobank Tekfen, the Kuwaiti lender said in a stock exchange filing on Thursday.

According to the statement, Burgan has no ownership of a significant stake in the Turkish sector player. Burgan also said it was exploring some investments to back its expansion, without disclosing details.

A day earlier, Reuters quoted sources as saying that Burgan had signed an agreement to take a 70% stake in Eurobank Tekfen. The Istanbul-based bank is a venture of Greek EFG Eurobank and Turkish Tekfen Holding.

EFG Eurobank, which has been seeking an exit from the venture, said in July 2011 it was holding discussions to sell a majority interest in the unit.

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Publication:M2 Banking & Credit News (BCN)
Date:Feb 23, 2012
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