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Mon 6 Jul 2015 01:50 PM

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Kuwait's Al Ahli gets regulator's nod to buy Piraeus Bank Egypt

Bank receives approval from the Gulf state's central bank; says will pay $150m for 98.5% stake

Kuwait's Al Ahli gets regulator's nod to buy Piraeus Bank Egypt
Al Ahli Bank

Kuwait's Al Ahli Bank received approval from the Gulf state's central bank to buy Piraeus Bank's Egyptian unit, it said on Monday.

Al Ahli Bank was still waiting for assent from Egypt's central bank for the deal, it said in a bourse filing.

It will pay $150 million cash for a 98.5 percent stake in the unit, a deal which will support the regional expansion plans of Kuwait's seventh-largest bank by assets and give the Greek lender a much-needed boost to liquidity.

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