Dubai's Shuaa says gets regulatory approval for ADFG to buy stake

Dubai's Shuaa Capital said it has received regulatory approvals allowing Abu Dhabi Financial Group (ADFG) to buy a 48.36 percent stake in the investment bank.

  
Investors speak in front of a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014.

Investors speak in front of a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014.

REUTERS/Stringer
DUBAI, Nov 15 (Reuters) - Dubai's Shuaa Capital said on Tuesday it has received regulatory approvals allowing Abu Dhabi Financial Group (ADFG) to buy a 48.36 percent stake in the investment bank.

Alternative investment firm ADFG agreed in June to acquire the stake from Dubai Banking Group, a subsidiary of Dubai Group.

Shuaa received approval from both the central bank and the stock market regulator, the bourse statement said, adding that it expected ADFG to execute the transaction on the Dubai stock exchange soon, without providing a date.

(Reporting by Hadeel Al Sayegh; Editing by Adrian Croft) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))

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