December 25, 2016 / 1:39 PM / 2 years ago

Dubai's Shuaa buys stake in Bahrain's Khaleeji Commercial Bank

DUBAI, Dec 25 (Reuters) - Dubai’s Shuaa Capital bought a 14.01 percent stake in Bahrain’s Khaleeji Commercial Bank on Sunday for 9.56 million dinars ($25.4 million), the Bahraini bourse said in a statement.

The Dubai-listed investment bank paid Alimtiaz Investment Group 0.065 dinars per share for 147.11 million shares for the stake, the bourse said.

Shuaa did not answer telephone calls seeking comment on the acquisition.

Abu Dhabi Financial Group (ADFG) bought a 48.36 percent stake in Shuaa last month, leading to speculation that the investment bank could form a central part in ADFG’s financial industry strategy for the Gulf. (Reporting by Hadeel Al Sayegh; Editing by Andrew Torchia and Louise Ireland)

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