Kuwait’s Al Ahli Bank to acquire Piraeus Bank’s Egyptian branch

Published August 5th, 2015 - 02:14 GMT

The Kuwaiti Al Ahli Bank received approval from Egypt's central bank to acquire 98.5 percent of Piraeus Bank's Egyptian division, it announced on Wednesday. 

The Kuwaiti bank said in a statement to the Kuwaiti bourse the decision was reached in an assembly for the central bank held on Tuesday. The bank is still waiting on the approval of the Egyptian Financial Supervisory Authority.

Ahly bank has already received the approval of the Kuwaiti central bank in July to go forward with the acquisition. 

In June, the Kuwaiti bank said it reached a deal to buy the Egyptian division of Greece's Piraeus Bank for $150 million. 

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