ECONOMY

Al Ahli Bank gets OK to buy Piraeus’s Egyptian unit

Al Ahli Bank gets OK to buy Piraeus’s Egyptian unit

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 on Wednesday.

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 much-needed liquidity boost.

[Reuters]

Banking

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.

READ MORE
Greece, lenders want bank recap done by year-end
ECONOMY

Greece, lenders want bank recap done by year-end

ECB leaves stopgap funding for Greek banks unchanged
ECONOMY

ECB leaves stopgap funding for Greek banks unchanged

Greek banks losing half in value send stocks down for third day
ECONOMY

Greek banks losing half in value send stocks down for third day

Bank of Greece shares buck southbound trend
ECONOMY

Bank of Greece shares buck southbound trend

Greek bank deposits rise as capital raisings near, official says
ECONOMY

Greek bank deposits rise as capital raisings near, official says

Greek banks weigh down stocks as bailout talks grind on
ECONOMY

Greek banks weigh down stocks as bailout talks grind on