Kuwait – Mubasher: Al Ahli Bank of Kuwait (ABK) said it was approved by Central Bank of Kuwait on Sunday to acquire a 98.5% stake in Piraeus Bank Egypt.

The Kuwaiti bank had agreed with the Greece's Piraeus Bank to acquire the stake in its Egypt subsidiary in a deal worth $150 million.

ABK is still awaiting the approval of the Central Bank of Egypt to complete the acquisition, the bank said in a bourse filing.

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.