February 8, 2023

UAE’s ADIB buys additional stake of 2.4% in Egyptian unit

UAE-based Abu Dhabi Islamic Bank has purchased an additional stake of 2.4% in Abu Dhabi Islamic Bank Egypt (ADIB) for EGP 155.328 million, equivalent to an average price of EGP 16.18 per share, according to a shareholding disclosure issued on January 2nd.

Accordingly, the Emirati bank’s ownership in ADIB Egypt increased to 52.607% from 50.207%.

ADIB Egypt is an EGX-listed bank that is engaged in providing retail, corporate, and investment banking services through a network of branches across Egypt.