Kuwait - Mubasher: Al Ahli Bank of Kuwait (ABK) announced on Saturday that it will issue bonds worth $500 million in the upcoming weeks, according to its chairman Talal Bahbahani.

The bonds will be issued to fund development enterprises in which the bank is planning to be involved during this year, said Kuwait News Agency (KUNA).

The chairman also said that following acquisition of Piraeus Bank of Egypt, name and logo of the bank were changed at the 39 branches there, turning into, the Kuwaiti-Egyptian Al-Ahli Bank, which posted good profits in its first year, despite the decline of the Egyptian pound against the US dollar.

Meanwhile, the group CEO, Michel Al-Akkad, said the Kuwaiti-Egyptian Al-Ahli Bank posted operating earnings amounting to KWD 89.4 million in 2016, rising by 2.4% year-on-year.