Bahrain’s Ahli United Bank raises stake in Commercial Bank of Iraq

Ahli United Bank (AUB), Bahrain’s largest lender, has raised its stake in Commercial Bank of Iraq to 64.71 per cent, according to a stock exchange statement.

AUB purchased a 10 per cent stake in Commercial Bank of Iraq, AUB said in a statement on Monday, without elaborating.

A statement from the Iraq Stock Exchange on Thursday said AUB’s stake in Commercial Bank of Iraq had reached 64.71 per cent after AUB purchased 25 billion additional shares in the bank. It did not mention the price AUB paid for the shares.

Commercial Bank of Iraq’s closing share price on Thursday was 0.43 dinars, which would value the 10 per cent stake at around 10.75bn dinars ($9.20m).

AUB acquired a 49 per cent stake in the bank in December 2005, according to AUB’s website.

In addition to Iraq, AUB has a presence in Kuwait, Egypt, Libya, Oman and Britain.