Central Bank of Egypt approves Kuwaiti Al Ahli’s Piraeus Egypt Takeover

Kuwait’s Al Ahli Bank received approval from the Egyptian central bank (CBE) to buy Piraeus Bank’s unit in the North African country, it said Wednesday.

Al Ahli Bank, which won approval from the Kuwaiti central bank last month, still needs market regulator, the Egyptian Financial Supervisory Authority (EFSA) to approve the deal, it said in a bourse filing.

It will pay US$150 million cash for a 98.5 percent stake in the business, helping Kuwait’s seventh-largest bank by assets expand and giving Greece’s Piraeus a much-needed liquidity boost.

Source: Reuters