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Al Ahli Bank of Kuwait KSCP (ABKK.KW)

ABKK.KW on Kuwait Stock Exchange

320.00219
3:24am EST
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Latest Key Developments (Source: Significant Developments)

Piraeus Bank SA will divest Piraeus Bank Egypt to Al Ahli Bank of Kuwait KSC
Thursday, 21 May 2015 10:46am EDT 

Piraeus Bank SA:Has reached a deal with Al Ahli Bank of Kuwait K.S.C.P. to divest its 98.5 pct stake in Piraeus Bank Egypt for 150 mln euros.Says as part of the deal, Al Ahli bank will be transfered its 23 mln euro loan obligations from its operations in Egypt.Says transaction improves its liquidity by around 200 mln euros and increases its CET-1 rating by 30 grades.Says Mediobanca has been the financial advisor and Norton Rose the legal advisor for the transaction.Says completion of deal is subject to approval from the Central Bank of Egypt.  Full Article

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