National Bank of Abu Dhabi unit acquires 70% stake in Egypt's Al Salam |
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The National Bank of Abu Dhabi (NBAD)National Bank of Abu Dhabi (NBAD)
said its equities brokerage unit has successfully completed a deal to acquire 70 per cent shareholding in the Egyptian Al Salam BrokerageAl Salam Brokerage firm.The government-controlled NBADNBAD
said its unit, the Abu Dhabi Financial Services (ADFS)Abu Dhabi Financial Services (ADFS), finalised the purchase of 350,000 shares of Al SalamAl Salam on August 11 and the deal was approved by the Egyptian Capital Markets Authority."The acquisition transaction for 350,000 shares representing 70 per cent form Al SalamAl Salam
's Brokerage paid up capital was successfully executed in the Egyptian Stock Exchange in favour of Abu Dhabi Financial Services," it said. "The acquisition highlights ADFSADFS's perseverance and impetus in improving services offered for our clients, and it is a first step towards the fulfillment of a wider scope of development including the modernisation of IT infrastructure, enhancement of Human Resources and additional regional and international expansion."By Staff Writer
© Emirates Business 24/7 2008
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