Dubai's Shuaa Capital announced on Monday the completion of a deal allowing Abu Dhabi Financial Group (ADFG) to buy a 48.36 percent stake in the investment bank.
Alternative investment firm ADFG agreed in June to acquire the stake from Dubai Banking Group, a subsidiary of Dubai Group.
Shuaa received approval from both the central bank and the stock market regulator last week and the deal has now been completed, Shuaa said in a statement.
It added that its board of directors has announced the election of Jassim Alseddiqi as the new chairman, replacing Abdul Rahman Hareb Rashed Al Hareb.
Alseddiqi said: “This Arab home-grown integrated financial services group is a unique organisation boasting a history and legacy unlike others. It has huge potential to evolve and grow into the next big name on the MENA financial services platform, and beyond. I look forward to working closely with the board, the senior management team and staff to ensure that the group achieves its true potential, thus delivering on its commitments to regulators, shareholders and investors."
Alseddiqi is also the managing director and CEO of Abu Dhabi Financial Group, the new majority shareholder in Shuaa.
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