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Dubai fund eyes bank stakes in Middle East.

DUBAI: Dubai Capital Group (DCG) has amassed stakes in a number of Middle Eastern financial firms and aims to purchase more but does not wish to increase its stake in Egypt's Commercial International Bank, the chief executive of Dubai Group said yesterday.

DCG surprised markets on Sunday by announcing that it had taken a 5.24 per cent stake in Commercial International Bank valued at around $158 million.

"It's the latest in what has been a ... whole series of investments in the financial sector in the region," said Dubai Group chief executive Tom Volpe said.

Dubai Group controls Dubai Capital Group.

"We are very actively engaged in looking at a number of institutions in the region and outside the region," he said, adding that the insurance sector was key.

Volpe said the group could buy stakes in up to five financial firms.

Volpe said DCG did not aim to increase its stake in Commercial International Bank, nor would it seek a seat on the board of directors.

Dubai Group is part of government-owned Dubai Holding.

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Publication:Gulf Daily News (Manama, Bahrain)
Date:Aug 5, 2008
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