Mubasher: Qatar's Commercial Bank, listed on the Qatar Stock Exchange (QSE), has agreed upon selling its 40% stake in Abu Dhabi-listed United Arab Bank (UAB) to the UAE-based Tabarak Investment, sources told Reuters on Tuesday.

The stake of Qatar’s third-largest bank by assets in the UAB is worth QAR 1.3 billion ($354 million), sources added, giving no further details on the value of the deal.

The two parts have agreed upon the commercial terms of the sale and the process of finalising documentation is underway, the international new agency said, citing a source as saying.

The source said that that the deal should be completed by next May or June. 

In 2017, the Commercial Bank announced that it was planning to sell its stake in the UAB.

In September 2017, the Qatar-based lender and Tabarak Investment entered into a 90-day period of exclusivity to negotiate the terms of the agreement.