Kuwait’s Ahli Bank plans capital top-up for Egyptian unit in 2016: CEO

Kuwait’s Al Ahli Bank (ABK) plans to boost the capital of its Egyptian unit to around one billion Egyptian pounds (US$ 127.7 million) within 2016, the Kuwaiti lender’s CEO Michel Accad announced Tuesday.

During the bank’s press conference Tuesday, Accad said ABK is to prepare its future strategy for Egyptian market within the first quarter of 2016.

ABK’s market share in Egypt currently stands at 1 percent, yet the bank aims to increase it in the coming period, Accad added.

To upgrade the services provided to the small and medium-sized enterprises (SMEs) is a top agenda for the ABK’s Egyptian unit in the coming phase, the Kuwaiti banking official said.

Earlier this month, Kuwait’s Al Ahli Bank has closed a deal to acquire a 98.5 percent stake in Piraeus Bank’s Egyptian unit. Al Ahli paid US$150 million for the stake in the Greek lender’s Egyptian unit.