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ABK acquires 98.5% of Piraeus Bank - Daily News Egypt

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ABK acquires 98.5% of Piraeus Bank

EFSA issued the approval on Wednesday

Al- Ahli Bank of Kuwait (ABK) announced on Thursday that the Egyptian Financial Supervisory Authority (EFSA) has approved its dominant acquisition of Greece’s Piraeus Bank.

The ABK is going to pay $150m in order to acquire 98.5% share in the Greek bank.

The Egyptian financial regulator has given the approval on Wednesday. ABK also received the approval of the Egyptian and Kuwaiti central banks.

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