Kuwait’s Al Ahli buys Egypt’s Pi­raeus Bank

Kuwait Times - - LOCAL - — Reuters

DUBAI: Kuwait’s Al Ahli Bank has closed a deal to ac­quire a 98.5 per­cent stake in Pi­raeus Bank’s Egypt unit, it said in a state­ment yes­ter­day. Al Ahli paid $150 mil­lion for the stake in the Greek lender’s Egyp­tian unit, the state­ment said. The unit will be re­branded ABK Egypt, sub­ject to name change ap­proval by the of­fi­cial au­thor­i­ties, with the new iden­tity to be rolled-out over the en­tire 39 branch net­work in the first half of 2016, it added. JP Mor­gan acted as fi­nan­cial ad­vi­sor on the deal, with Ernst & Young act­ing as trans­ac­tion and tax ad­vi­sor, the state­ment added.

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.