Ahli United Bank (AUB) has increased ownership stake in its Egyptian subsidiary.
It has increased its share from 35.3 per cent to 79.6pc in Ahli United Bank, Egypt (AUBE), through a formal tender offer to all its shareholders.
AUB and AUBE chairman Fahad Al Rajaan said "we are pleased by the increase and consolidation of our stake in AUBE.
"This was achieved by a path-breaking innovated tender offer, applied for the first time in Egypt, providing all shareholders a choice between a full cash sale or a security exchange fully in a transparent and equitable manner.
"Our additional investment of 985 million Egyptian pounds ($181m) reflects our confidence in the future economic prospects of Egypt and will be followed by significant investments to upgrade our corporate and retail capabilities in AUBE."
Based in Bahrain and widely-recognised amongst best performing banks in the GCC, AUB has successfully established its position as a premier, pan Gulf-Middle Eastern financial institution, offering a full range of conventional and Sharia-compliant banking services to customers across the region.
Through its focused and successful 'connecting for growth' strategy, AUB today integrates a network of seven subsidiary and managed affiliate banks with 118 branches in seven countries and serving a wide customer base of 500,000 clients in Bahrain, Kuwait, Qatar, Oman, Iraq, Egypt and the UK.
Last year, AUB was named 'Best Bank in the Middle East' for the fourth consecutive year by New York-based Global Finance.
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