AUB acquires 40% of Libyan bank UBCI
Bahrain's Ahli United Bank (AUB) said it has acquired a 40 per cent stake in Libya's United Bank for Commerce and Investment (UBCI) through a capital hike.
The Bahraini lender has invested $53.8 million (Dh197.6m) in the acquisition, AUB said in a statement on the Bahraini bourse website.
UBCI's capital has been increased from 33.3 million Libyan dinars ($26.47m) to 80 million Libyan dinars, 60 per cent of which is owned by Libyan shareholders, and the remaining is the Bahraini lender's share, AUB said.
Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.
Follow Emirates 24|7 on Google News.