Ahli United Bank, Bahrain’s largest listed lender, has sold most of its 33 percent stake in Qatar’s Ahli Bank to sovereign fund Qatar Foundation. The sale, involving all but 1,000 of Ahli United’s 37.38 million shares, still requires the approval of Ahli Bank shareholders, an Ahli Bank filing to the Qatar bourse said on Thursday.
No price was given but the stake would have been worth 1.93 billion riyals ($530.2 million) at Wednesday’s 51.70 riyals closing price. Ahli Bank, Qatar’s seventh-largest lender by market value, had said in November its strategic partner would offload its holding and that the proposed sale was being reviewed by the Qatar central bank. The purchase by a Qatari sovereign fund not known for investments in the financial sector could indicate a lack of interest among other commercial banks, a Dubai-based banker said………………………………………..Full Article: Source