CAIRO: Ahli United Bank Bahrain (AUB) has announced that it has received shareholder approval to increase its stake in Ahli United Bank Egypt to up to 100 percent, subject to receiving all regulatory approvals in Egypt. After clearing the regulatory approvals, shareholders in Ahli United Bank Egypt will be given the opportunity to tender their shares to AUB with the option to receive payment in cash or by taking shares in AUB. The shares to be swapped are to be priced based on the average closing price of the firm's shares listed on the Bahrain Stock Exchange in the 30 days preceding the deal's conclusion. Ahli United Bank provides a comprehensive array of financial products and services ranging from retail and corporate banking to treasury, wealth management, and offshore banking services. The group traces its history to the incorporation of the United Bank of Kuwait in London in 1966, and the establishment of Ahli Commercial Bank B.S.C. in 1977 in Bahrain. The current Ahli United Bank Group was established in 2000 when the two banks merged. Today, Ahli United Bank is an internationally recognized financial institution, with interests across the Gulf States, Egypt, and the United Kingdom. The Bank was named "Bank of the Year Middle East and Africa 2006 by Global Finance Magazine.
