Dubai: United Arab Bank (UAB) said on Sunday that Commercial Bank in Qatar is in talks to sell 40 per cent stake in the Abu Dhabi-listed bank.
Commercial Bank has entered into a 90-day period of exclusivity with a third party purchaser. “ ... the parties will negotiate the terms of definitive transaction documents pertaining to the potential purchase by the purchaser of the Commercial Bank’s stake in UAB”, the UAB said in a statement posted on Abu Dhabi Securities website.
“We will disclose any new information, when received,” the statement added.
Shaikh Faisal Sultan Salem Al Qasimi holds 10 per cent stake in UAB, while Al Majed Investment Company holds 5.42 per cent stake in the bank, according to UAB’s website.
Earlier reports indicated UAE’s Tabarak Investment was talking to Qatar’s third largest lender to buy the stake. The stake sale is latest in a number of Qatari companies selling their stake in the UAE amid a widening rift in the Gulf. United Arab Bank closed 14.4 per cent higher at Dh1.90 in a firm Abu Dhabi market. The Abu Dhabi Securities Exchange general index closed 0.3 per cent higher at 0.30 per cent higher at 4,410.51.
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