Abu Dhabi Islamic Bank Raises its Ownership in ADIB Egypt to Over 52%
January 06, 2023 | Updated at January 12, 2023
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Email Abu Dhabi Islamic Bank (ADIB) has acquired additional shares in ADIB Egypt, its subsidiary in Egypt, increasing its ownership stake of the entity to 52.607%, as per a statement made on the 5th of January 2023.
Why it Matters?
On the 5th of January 2023, the Abu Dhabi Securities Exchange (ADX) announced that ADIB had confirmed the acquisition of 9.6 million ADIB Egypt shares from the National Investment Bank, which is equivalent to 2.4% of the entity's total shares. According to the Chief Executive Officer of ADIB Group, Nasser Al Awadhi, the company hopes to leverage a strong financial sheet, capital levels and liquidity, to capture new opportunities despite the uncertain global economic outlook which is marked by inflationary pressures.
