Commercial Bank of Qatar (CBQ) has won initial agreement from shareholders of United Arab Bank (UAB) to buy a "significant" stake.

The bank said it will also manage the UAE lender.

The Qatari bank said in a statement it agreed with the Sharjah-based UAB "and with a number of major shareholders, which provide for CBQ to acquire a significant shareholding in UAB, and to enter into a Management Services Agreement."

It did not provide details. - Reuters