Shuaa Capital acquired a 4.8% stake in Ajman Bank worth $27 million (AED100m) following the closure of the bank’s rights issue.
Shuaa Capital said Ajman Bank has maintained a continuous growth trajectory since inception and boasts an active network of services combined with healthy customer outreach programmes.
Fawad Tariq-Khan, chief executive of Shuaa said, "Ajman Bank combines a strong franchise blended with an active growth strategy which we at Shuaa admire. We believe the bank is well positioned to continue to provide shareholder value, and fully endorse the strategic vision of the bank’s board and management. We also look forward to building a closer relationship with them and exploring synergies between our respective platforms."
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