UAE’s ADIB now owns more than 52% of Egyptian unit

Abu Dhabi Islamic Bank (ADIB) has increased its ownership in ADIB Egypt to more than 52%, the lender confirmed in a disclosure posted on Thursday. 

The UAE-based bank has acquired 9.6 million shares from National Investment Bank (NIB), representing 2.4% of ADIB Egypt’s share capital, the bank told the Abu Dhabi Securities Exchange (ADX).  

The deal has raised ADIB UAE’s ownership in the Egyptian unit to 52.607%. 

ADIB posted a net profit of 2.45 billion UAE dirhams ($667 million) for the first 9 months of 2022, up by 53% from the same period last year.