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Dubai nears TAIB takeover
- Tuesday, September 11 - 2007 at 09:40
Bahrain's TAIB Bank is a step closer to being taken over by Dubai Financial, after announcing that investors holding at least 60% of the bank's stock had agreed to sell their shares, reported Reuters. The purchase is thought to be worth about $175m. Dubai Financial, which is owned by the ruler of the emirate, said in July it had agreed to buy around 37% of TAIB and was looking to raise its stake to 60%.
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Jeff Florian, Senior ReporterTuesday, September 11 - 2007 at 09:40 UAE local time (GMT+4)
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