Cairo-Mubasher: The Egyptian Financial Supervisory Authority (EFSA) has exempted Al Ahli Bank of Kuwait (ABK from submitting a mandatory tender offer to a 98.5% stake in Piraeus Bank Egypt, the bank said in a bourse filing.

Earlier, the Kuwaiti lender obtained the approval of Egypt’s market regulator to buy a majority stake in Piraeus’ Egypt unit.

Michel Accad, CEO at the Kuwaiti bank earlier stated that Piraeus Bank Egypt would represent approx. 10-12% or $1 billion of ABK’s $13 billion worth of assets, noting that there is no present intention to list the prospected acquire on Cairo’s bourse.