AUB has subscribed to the entire 12,187,500 new share issue after the existing shareholders waived their pre-emptive rights. In addition to the purchase, Ahli United Bank has signed a ten-year (renewable) management agreement, which will see AUB oversee the management and providing technical and marketing services to the bank
The acquisition represents an important milestone in Ahli United Bank’s strategy to become a major regional bank in the Gulf by adding a significant presence in Qatar, a promising market to its existing large operations in Bahrain, through Ahli United Bank Bahrain (wholly owned subsidiary) and in Kuwait through its 48 per cent owned subsidiary Bank of Kuwait & the Middle East.
As part of the agreement, Al Ahli Bank of Qatar QSC will be renamed Ahli Bank QSC. “The increase in capital will allow Ahli Bank QSC to significantly grow its retail, commercial, treasury and private banking businesses, and will improve the quality and depth of services provided to its clients” said Hamad Al-Marzouq, Deputy Chairman, Ahli United Bank.
“Ahli Bank QSC represents a major milestone in AUB’s expansion in the Gulf. It provides a very useful platform for developing a significant presence in one of the most promising markets in the region. Ahli Bank QSC will be integrated into AUB’s branch network as well as its service and marketing capabilities across the region and in the UK,” said Adel El Labban, AUB Group chief executive officer & managing director.
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