Bahrain bank to sell stake in Qatar's Ahli
Dubai, November 28, 2012
Ahli Bank, Qatar's seventh-largest listed bank, said on Wednesday that its strategic partner, Bahrain's Ahli United Bank, would sell nearly all its stake in the lender.
Ahli United Bank, Bahrain's largest lender, will sell all but 1,000 of its 37.4 million shares in the Qatari firm, Ahli Bank said in a bourse filing.
The proposed sale is currently being reviewed by the Qatar central bank, the statement added. It did not say whether the sale of the stake had been agreed between all parties, or at what price it would be conducted.
Ahli United Bank is the largest shareholder with a 33 percent stake, with Qatar Investment Authority, the gas exporter's sovereign wealth fund, the second-largest at 16.7 percent, according to Ahli Bank's third-quarter financial statement. - Reuters
More Finance & Capital Market Stories
- AAIB unit starts crisis assistance travel service
- Abu Dhabi may need to lower industry growth target
- Kuwait credit hits 5-year high; tops $1.3bn
- UAE stocks rally, Abu Dhabi tops 4,000 mark
- Abraaj completes 15 exits in 2013
- Barwa gets top HSE certifications
- Egypt's forex reserves dip to $17.8bn in Nov
- Experts put spotlight on Mena tax issues
- BMI, Muharraq SC launch co-branded credit card
- NBAD partners with top business school