Al Ahli-Pi­raeus Bank.

Kathimerini English - - Front Page -

Kuwait’s Al Ahli Bank re­ceived ap­proval from the Egyp­tian cen­tral bank to buy Pi­raeus Bank’s unit in the North African coun­try, it said yesterday. Al Ahli Bank, which won ap­proval from the Kuwaiti cen­tral bank last month, still needs the Egyp­tian Fi­nan­cial Su­per­vi­sory Au­thor­ity to ap­prove the deal, it said in a bourse fil­ing. It will pay $150 mil­lion cash for a 98.5 per­cent stake in the busi­ness, help­ing Kuwait’s sev­enth-largest bank by as­sets ex­pand and giv­ing Greece’s Pi­raeus a much­needed liq­uid­ity boost. have dropped 33 per­cent over the last six months as the na­tion slid back into eco­nomic tur­moil. “For in­vestors who wish to in­vest in dis­tressed sit­u­a­tions, then Greece is cer­tainly the place to be,” Dar­ren McKinley, an an­a­lyst at Mer­rion, said. “Athens Hel­lenic is the best cycli­cal play on the mar­ket.” While Ire­land and Greece both en­tered bailout pro­grams in 2010, the con­trast in their sub­se­quent progress has been stark. Ire­land ex­ited the res­cue in 2013 and its bench­mark stock in­dex is up more than 50 per­cent since then.

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