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Greece's Piraeus Bank increases stake in Egypt unit - Daily News Egypt

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Greece's Piraeus Bank increases stake in Egypt unit

CAIRO: Greece s Piraeus Bank raised its stake in Piraeus Bank Egypt, its subsidiary, by 1.9 percent to 95.3 percent by buying shares held by Libya s foreign investment company, Piraeus Bank Egypt said on Thursday. The Greece-based parent bank paid LE 18 million ($3.1 million) to increase its stake from 93.4 percent, valuing the …


CAIRO: Greece s Piraeus Bank raised its stake in Piraeus Bank Egypt, its subsidiary, by 1.9 percent to 95.3 percent by buying shares held by Libya s foreign investment company, Piraeus Bank Egypt said on Thursday.

The Greece-based parent bank paid LE 18 million ($3.1 million) to increase its stake from 93.4 percent, valuing the current holding at LE 477 million.

It is their strategy to acquire a greater stake in the bank, said Mash at Abdel Aziz, head of investor relations at Piraeus Bank Egypt.

The seller was the Libyan government s Arab Company for Foreign Investments, which sold 5.5 percent of the bank to Piraeus Bank for $9.4 million on July 2. By 13:53 GMT, shares in Piraeus Bank Egypt were down 5 percent at LE 26.23 per share.

Topics: FJP

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https://dailyfeed.dailynewsegypt.com/2006/11/24/greeces-piraeus-bank-increases-stake-in-egypt-unit/
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