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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.
(Writing by Cleofe Maceda; editing by Mily Chakrabarty)
