AHLI UNITED BANK AGREES TO ACQUIRE 35% STRATEGIC STAKE IN ALLIANCE HOUSING BANK IN OMAN
Ahli United Bank (AUB) announced that it has signed a memorandum of understanding (MOU) with Alliance Housing Bank SAOG (AHB) of Oman. Under the terms of the MOU, AUB will acquire 35 percent of AHB through its full subscription of AHB’s proposed new capital increase. AUB will acquire a total of 113 million common shares for a total consideration of OR 50.9 million subject to obtaining all necessary regulatory and shareholder approvals in Bahrain and Oman.
Mr. Fahad Al Rajaan, Ahli United Bank Chairman, said this new agreement represents yet another important step in the series of AUB’s successful strategic investments to establish a strong pan gulf banking group. AUB now has an effective banking presence in Bahrain, Kuwait, Qatar, Egypt, Iraq, UK and finally Oman through its new alliance with AHB. Oman has attracted the interest of regional and international investors owing to the availability of abundant and promising investment opportunities in the Sultanate, Al Rajaan added.