Kuwait’s ABK exempted from submitting mandatory offer for Piraeus Egypt unit

Egypt’s watchdog has exempted Al Ahli Bank of Kuwait (ABK) from submitting a mandatory tender offer to a 98.49 percent a stake in Piraeus Bank’s Egypt unit, the Kuwaiti lender said in a bourse filing.

Earlier, the Kuwaiti lender obtained the Egyptian Financial Supervisory Authority (EFSA)’s approval to buy a majority stake in Piraeus’ Egypt unit.

Michel Accad, CEO at the Kuwaiti bank earlier stated that Piraeus Bank Egypt would represent approximately 10-12 percent or US$1 billion of ABK’s US$13 billion worth of assets, noting that there is no present intention to list the prospected acquire on Cairo’s bourse.