Kuwait’s Al Ahli Bank rebrands its subsidiary in Egypt

Al Ahli Bank of Kuwait (ABK) has rebranded Sunday its subsidiary in Egypt, Piraeus Bank Egypt, under the new name ABK Egypt.

Earlier, Kuwait’s Al Ahli Bank closed in November 2015, a deal to acquire a 98.5 percent stake in Piraeus Bank’s Egypt unit for $150 million.

J.P. Morgan acted as financial advisor on the deal, with Ernst & Young acting as transaction and tax advisor.