Kuwait/Cairo – Mubasher: Al Ahli Bank of Kuwait (ABK) announced on Tuesday the completion of procedures of a deal to acquire a 98.5% stake in Piraeus Bank Egypt, as equity in the bank has been successfully transferred to ABK’s ownership on 10 November.

ABK agreed in May 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.

ABK’s chief executive officer Michel Accad said the deal completion marks a historical milestone for the Kuwaiti bank and its conversion into a key player in the MENA region.

Piraeus Egypt takeover will also help diversify ABK’s business and banking services and further strengthen its regional expansion, according to the CEO.