Kuwait’s Al Ahli Bank has secured approval from the Egyptian central bank to buy 98.5% of Piraeus Bank’s Egyptian unit.
The Kuwaiti lender will pay $150m in cash for the deal, which is now subject to the approval of the Egyptian Financial Supervisory Authority.
In July 2015, the bank received the nod of the Kuwaiti central bank to go forward with the acquisition.
The deal will allow the Kuwaiti bank to take control of 39 branches, which handles both retail as well as corporate clients.
Following the completion of the deal, Egypt will become Al Ahli Bank’s second foreign market apart from UAE, where it operates with two overseas branches in Dubai and Abu-Dhabi.