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Bahrain's Ahli United seeking regional 'attractive opportunities'
- Bahrain: Tuesday, February 05 - 2013 at 05:58
Bahrain's largest lender Ahli United Bank has said it is seeking regional acquisition targets after making a total profit of $212.9m on the sale of a 29.4% stake in Qatar's Ahli Bank, Reuters has reported. Completing the sale on Monday for a total price of $615.9 million, AUB said the move was forced upon it by regulatory considerations and didn't mark a reversal of its expansion strategy. "The decision to sell our stake in Ahli Bank was triggered by our inability due to legal factors to maintain our minority shareholding above the minimum levels required for Ahli Bank to qualify as a strategic core investment," it said. "Ahli United will continue to seek attractive opportunities to develop its banking franchise in the region and to enhance its shareholder value."
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