Al Ahli-Piraeus Bank.
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.