Cairo - Mubasher: Al Ahli Bank of Kuwait (ABK) plans to increase the capital of Piraeus Bank Egypt to EGP 1 billion through the upcoming period, after cutting it earlier to EGP 800 million, said Michel Accad, CEO.

ABK acquired so far 98.5% of Piraeus Bank Egypt and seeks to buy the remaining stake; noted Accad on the sideline of press conference.

Last May, ABK agreed with Greece's Piraeus Bank to acquire the stake in its Egypt subsidiary in a deal worth $150 million.

The bank will be rebranded ‘ABK – Egypt’ after obtaining official approvals. It will be effected via the bank’s 39 branches during the first half of 2016.