Sunday, 31 January 2010
Bahrain's Ahli United increases stake in Egyptian unit
Bahrain's Ahli United Bank said on Sunday it has closed the planned increase of its stake in its Egyptian subsidiary to 79.6 percent from 35.5 percent for $180 million.
"Our additional investment of 985 million Egyptian pounds reflects our confidence in the future economic prospects of Egypt," its chairman, Fahad al-Rajaan, said in a regulatory filing to the Bahrain Stock Exchange.
He also said the bank plans to make investments in corporate and retail banking at its Ahli United Bank Egypt
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