Abu Dhabi Islamic Bank raises stake in ADIB Egypt

Abu Dhabi Islamic Bank (ADIB) has announced the increase of its ownership in ADIB Egypt.

In a disclosure to the Abu Dhabi Securities Exchange (ADX) on Thursday, ADIB stated that it had acquired 9.6 million shares from National Investment Bank (NIB), representing 2.4 per cent of ADIB Egypt’s share capital, reported the state news agency, WAM.

The deal has raised ADIB UAE’s ownership in the Egyptian unit to 52.607 per cent, reported WAM.

In recent news, ADIB, in partnership with token enablement service provider Tappy Technologies and Visa, has launched a tokenised, contactless payment method through the options of clasp and ring ‘ADIB PAY’.

Read: Abu Dhabi Islamic Bank launches tokenised, contactless payment method