Ahli United Bank cleared to raise stakes
Kuwait, August 23, 2009
Bahrain-based Ahli United Bank said on Sunday it had received the initial approvals to increase its stakes in two banks in Egypt and Iraq.
The lender has got the approval to increase its stake in its units, Egypt's Ahli United Bank and the Commercial Bank of Iraq, the Bahraini bank said in a statement on the Kuwaiti bourse website.
Ahli United can increase its 35.3 per cent stake to up to 90 per cent stake in the Egyptian lender after obtaining the approval of Egypt's central bank, the statement said.
The lender has also obtained the approval of Iraq's central bank to increase its 49 per cent stake in the Iraqi lender to 75 per cent by buying shares through the Iraqi bourse, the statement added.
On Saturday, the bank said it will repay $400 million of a $1.2 billion syndicated loan by the end of August, which is one month ahead of schedule. – Reuters