Bahrain's Ahli United Bank will acquire 40 per cent of the Libya's United Bank for Commerce & Investment, according to a statement from the Kuwait bourse on Tuesday.

Ahli United Bank received the approval of each of the central banks of Bahrain and Libya to acquire 40 per cent of the bank by increasing its capital, the note said.

UBCI was founded in 2007 through the merger of three national banks in Libya, according to the bank's website.-Reuters