Cairo – Mubasher: Al Ahli Bank of Kuwait has submitted a mandatory tender offer for the remaining 1.51% in Piraeus Bank Egypt, Egypt’s market regulator said on Sunday.
The Kuwaiti lender has requested the purchase of shares at $1.47 each.
ABK’s CEO Michel Accad said earlier the bank plans to increase the capital of Piraeus Bank Egypt to EGP 1 billion through the upcoming period.
Earlier in November, ABK announced the completion of procedures of a deal to acquire a 98.5% stake in Piraeus Bank Egypt, as equity in the bank has been successfully transferred to ABK’s ownership on 10 November.
ABK agreed in May with Greece's
