Abu Dhabi Islamic Bank increases stake in its Egyptian unit to more than 52%

Abu Dhabi Islamic Bank (ADIB), the emirate’s biggest sharia-compliant lender, has bought additional shares in its Egyptian subsidiary to boost its stake in the lender to more than 52 per cent.

The UAE bank purchased 9.6 million shares from National Investment Bank, representing 2.4 per cent of ADIB Egypt's share capital, ADIB said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.

Following the transaction, the UAE lender’s ownership in its Egyptian unit has "increased to 52.607 per cent", it said, without providing further details.

With more than Dh147 billion ($40 billion) in assets at the end of September, ADIB is also active in Saudi Arabia, the UK, Sudan and Iraq.

The lender provides retail, corporate, business, private banking and wealth management services to more than a million customers.