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| 06 December, 2017

Tunisia and Abu Dhabi Investment Authority to sell BTE stake

A shopkeeper counts money in of his shop at a bazar in Tunis, Tunisia August 10, 2016.

A shopkeeper counts money in of his shop at a bazar in Tunis, Tunisia August 10, 2016.

REUTERS/Zoubeir Souissi

This sale is for 77.8% of the bank's capital with Tunisia and Abu Dhabi each owning 38.9%.

TUNIS - Tunisia and the Abu Dhabi Investment Authority plan to sell their majority stake in Banque de Tunisie et des Emirats (BTE) bank by launching a tender next week, the bank said on Wednesday.

This sale is for 77.8 percent of the bank's capital with Tunisia and Abu Dhabi each owning 38.9 pct.

The tender will be open from December 11 until January 15, the bank said in statement.

Rothschild Bank and KPMG Tunisie have been mandated as advisers, it said.

Established in 1982, BTE reported a net profit of 0.9 million dinars for its 2016 financial year.

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Its assets amounted to 981 million dinars with capital of 129 million.

($1 = 2.4789 Tunisian dinars)

(Reporting by Tarek Amara; editing by Ulf Laessing and Jason Neely) ((tarek.amara@thomsonreuters.com;))