Mubasher: Qatar National Bank (QNB) has cut its stake in the Egyptian unit, Qatar National Bank AL Ahli (QNBA), to 95.6% down from 97.12% to comply with the Egyptian Exchange's (EGX) listing rules, CI Capital said on Sunday.

The Middle East’s largest lender sold 13.5 million shares at a total value of EGP 815.12 million (EGP 60 per share), according to a filing to the Egyptian Exchange (EGX).

All measures will be met in compliance with the EGX's free-float share requirements that should not be less than 5%, the largest bank in the Middle East and Africa by assets noted, affirming that it had no plans to further trim its stake in its Egyptian subsidiary.

QNBA’s capital amounts to EGP 8.9 billion ($506 million) divided on 980.4 million shares with a nominal value of EGP 10 per share.

For the full year 2017, QNBA’s profits reached EGP 5.52 billion, compared to EGP 4.2 billion a year earlier.