Al Ahli Bank of Kuwait (ABK) has concluded the acquisition of a 98.5% stake in Piraeus Bank Egypt (PBE) for $150m.
The acquisition deal was announced by ABK and Piraeus Bank in May 2015.
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Upon completion of the transaction, the PBE division will be renamed as ABK Egypt, subject to approval by the official authorities.
The new brand is expected to be launched across the entire 39 branch network in the first half of 2016, ABK said in a statement.
ABK chairman Talal Mohammed Reda Behbehani said: "We are very proud to formally welcome PBE and its employees and customers into the ABK family. ABK is firmly committed to investing in its growth, and Egypt is a core market for us, building on the long standing business relationship that already exists between our two countries."
ABK chief executive Michel Accad added: "Today’s closing announcement is a transformational milestone in ABK’s development into a significant regional player in the Middle East. It helps us to diversify our business profile and extends our regional connectivity, providing many new opportunities for ABK and ABK (Egypt) to grow and flourish."
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