Abu Dhabi Financial Services (ADFS), a subsidiary of National Bank of Abu Dhabi, has acquired a 70 per cent stake in Egypt's Al Salam Brokerage.

ADFS has acquired 350,000 shares of the firm pursuant to the approval from the Egyptian Capital Markets Authority and the Egyptian Stock Exchange, a statement said.

"This acquisition highlights ADFS's continuous efforts in improving services offered for its clients and is the first step towards the fulfilment of a wider scope of development including the modernisation of our IT infrastructure, enhancement of the company's human resources and additional regional and international expansion," said the statement.

ADFS remains on course, gradually fulfilling its expansion strategy in markets deemed pivotal by way of acquisition and establishment of strategic alliances with reputable and influential institutions, it said.

Osama Amer, the chairman and managing Director of Al Salam Brokerage and Khaled Abdel Rahman, executive general manager of Abu Dhabi Financial Services said their new partnership will have multifaceted benefits to the clients of both institutions.