Green light for Ahli United.
KUWAIT Kuwait (kwīt`, –wāt) or Kowait (kō`–), officially State of Kuwait, independent sheikhdom (2005 est. pop. CITY: Bahrain-based Ahli United Bank (AUB AUB Auburn (University)
AUB Alstublieft (Dutch: please)
AUB American University of Beirut (Beirut, Lebanon)
AUB Abnormal Uterine Bleeding
AUB Ahli United Bank ) said yesterday it had received the initial approvals to increase its stakes in two banks in Egypt Egypt (ē`jĭpt), Arab. Misr, biblical Mizraim, officially Arab Republic of Egypt, republic (2005 est. pop. 77,506,000), 386,659 sq mi (1,001,449 sq km), NE Africa and SW Asia. and Iraq.
The lender has got the approval to increase its stake in its units, Egypt's Ahli United Bank and the Commercial Bank of Iraq, the Bahraini bank said.
Ahli United can increase its 35.3 per cent stake to up to 90pc stake in the Egyptian lender after obtaining the approval of Egypt's central bank, the bank said.
The lender has also obtained the approval of Iraq's central bank to increase its 49pc stake in the Iraqi lender to 75pc by buying shares through the Iraqi bourse bourse (brs), term applied to a European stock exchange. The first international bourse was established in Antwerp in the 16th cent. , Ahli United said.
Copyright 2009 Gulf Daily News
Provided by Syndigate.info an Albawaba.com company