Al Ahli Bank of Kuwait (ABK) said Thursday it reached an agreement to acquire 98.5% stake in Piraeus Bank Egypt for a total amount of $150 million.

Mutual negotiations between both banks over the past period finally culminated in this agreement, ABK said in a filing to the Kuwaiti bourse.

The deal requires the approvals of the central banks in Egypt and Kuwait.

Kuwait-listed ABK reported net profits of KWD 9.05 million in the first quarter of 2015, compared with KWD 8.12 million for the same period of 2014.