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Al Ahli Bank gets Kuwaiti regulator nod to buy Piraeus Bank Egypt
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The logo of Piraeus Bank is seen outside one of its branches in Bucharest April 18, 2013. REUTERS/Bogdan Cristel
It will pay $150 million cash for a 98.5 percent stake in the unit, a deal which will support the regional expansion plans of Kuwait's seventh-largest bank by assets and give the Greek lender a much-needed boost to liquidity.
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Kuwait'sAl Ahli Bank received approval from the Gulf state's central bank to buy Piraeus Bank's Egyptian unit, it said on Monday.
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Al Ahli Bank was still waiting for assent from Egypt's central bank for the deal, it said in a bourse filing.
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