Commercial Bank of Qatar said it bought 14.7 per cent of Sharjah-based United Arab Bank, the first stage of its plan to acquire as much as 40 per cent of the lender to enter the UAE.
Qatar Commercial bought 104.57 million shares, it said in a statement on the Doha bourse website on Thursday. It did not say how much it paid for the shares.
At the closing share price on November 22 - the last day when the stock traded - 14.7 per cent is worth Dh742.41m ($202.2m), according to Reuters calculations.
United Arab, which operates nine branches in the UAE, said in September it won initial central bank approval to sell 40 per cent of itself to Qatar Commercial at Dh7.75 per share, valuing the stake at $601m, according to Reuters calculations.
It said the purchase would be completed by the end of last month. (Reuters)