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UK regulator approves Boubyan Bank's takeover of BLME


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UK regulator approves Boubyan Bank's takeover of BLME

The Bank of England's Prudential Regulation Authority approved the change in control of the wider BLME Group that will result from the implementation of Kuwait-based Boubyan Bank KSCP's takeover of British lender BLME Holdings PLC.

The takeover bid by Boubyan Bank remains subject to a certain level of acceptances, as well as the satisfaction or waiver of some conditions. The Kuwaiti bank, along with unit Boubyan Bank Capital, currently owns 27.91% of BLME Holdings.

In December 2019, Boubyan Bank offered to buy the remaining stake it does not own in BLME Holdings for roughly $158 million, noting that it already received irrevocable undertakings to accept the offer from some investors holding 13.21% of the lender's shares.