Kuwait's Al Ahli Bank has purchased a 98.5 percent stake in Piraeus Bank's Egypt (PBE) unit for $150 million, Reuters reports.
PBE was bought by the Greek lender in 2005 and has 39 branches and had total assets worth 9.66 billion Egyptian pounds ($1.27 billion) in March 2014, according to its website. The sell-off will provide Piraeus a much-needed increase in its liquidity, while aiding Al Ahli's plans for expansion in the region.
Al Ahli Bank (ABK) has assets worth 3.58 billion dinars ($11.86 billion), and has has branches in Kuwait and the United Arab Emirates, according to its website.
The PBE unit will be rebranded ABK Egypt, subject to name change approval by the official authorities, with the new identity to be rolled-out over the entire 39 branch network in the first half of 2016, the company said.
Greek banks have been offloading assets in an effort to resolve the country's debt crisis.
