AUB takes 40pc of Al Ahli

Ahli United Bank (AUB) has completed the acquisition of a 40 per cent stake in Al Ahli Bank of Qatar through its latest capital increase.

The deal will see the Qatari bank's equity increase from $85 million to $239 million, making it one of the largest banks in terms of capitalisation and positioning it to benefit from the growth potential in Qatar. AUB has subscribed to the entire 12,187,500 new shares issued after the existing shareholders waived their pre-emptive rights.

AUB has signed a ten-year (renewable) management agreement which will see AUB oversee the management and provide technical and marketing services to the bank.