Tuesday, Mar 13, 2012
BEIRUT (Zawya Dow Jones)--Oman's Ahli Bank Tuesday said it has received the preliminary approvals of the country's capital market authority and the commerce and industry ministry to acquire the local Middle East Brokerage Co.
The bank also said in a statement posted on the Muscat bourse website that it "is in the process of obtaining the Central Bank of Oman's approval."
The lender, which was formerly known as Alliance Housing Bank, began diversifying its business portfolio in 2008 into full-fledged commercial banking, when Bahrain's Ahli United Bank became its major shareholder by acquiring a 35% stake in it.
Ahli Bank's shares closed flat at 0.254 Omani rial ($0.66) in an overall higher market Tuesday.
By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
13-03-12 1146GMT
