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UAE's NBAD buys majority stake in Egyptian broker

National Bank of Abu Dhabi (NBAD) said on Saturday its financial brokerage arm agreed to acquire a controlling stake in Egypt's Al-Salam Brokerage Co to diversify its revenue sources.

The bank did not give a figure in a statement for the stake Abu Dhabi Financial Services Co (ADFS) will buy in the brokerage firm, giving no further details.

"[The agreement]... aims to diversify NBAD's products and expanding the customer base," ADFS General Manager Khaled Abdel Rahman Khaled said in the statement. (Reuters)

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