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.
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