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Green light for Ahli United.

KUWAIT CITY: Bahrain-based Ahli United Bank (AUB) said yesterday it had received the initial approvals to increase its stakes in two banks in Egypt 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, Ahli United said.

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Publication:Gulf Daily News (Manama, Bahrain)
Date:Aug 24, 2009
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