UAE Exchange sells 40pc stake for $2bn
Abu Dhabi, January 31, 2012
UAE Exchange, one of the largest foreign exchange firms in the United Arab Emirates, has sold a 40-per cent stake to Centurion Investment, the companies said on Tuesday, in a deal said to be worth $2 billion.
'Centurion has acquired a 40 percent stake in UAE Exchange to expand its business in the financial sector,' a statement from Abu Dhabi-based Centurion said, without giving a value for the deal. A source directly involved in the sale told Reuters: 'The deal is valued at $2 billion.'
Last year, Centurion Investment, a private firm, bought 40 percent of Abu Dhabi-based New Medical Centre (NMC) for $1.39 billion.
UAE Exchange was part of NMC, owned by Indian businessman Bavaguthu Raghuram Shetty, until last year when Centurion acquired NMC.
UAE Exchange is one of the oldest exchange houses in the UAE with 99 branches. It also has 560 branches in 29 other countries.
'Their (Centurion) entry will help us in funding and expanding further,' said Sudhir Shetty, chief executive of UAE Exchange, declining to give the sale value as the process is not yet completed. The sale is likely to be completed shortly, he said. -Reuters
More Finance & Capital Market Stories
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs
- In a first, NCB Capital names female CEO