CAIRO: Abu Dhabi Financial Services Company (ADFS) acquired a controlling stake in Al Salam Brokerage Company, an Egyptian joint company.
ADFS, the financial brokerage arm of National Bank of Abu Dhabi (NBAD) and one of the leading brokerage companies in the UAE, has agreed on the general plan and the major articles of the agreement.
“The acquisition comes in line with NBAD Group s Strategic expansion plans regionally and internationally, and as a step to show the bank s commitment and confidence in the in the Egyptian market. It also aims to diversify the NBAD s products and expanding the customer base, said Khaled Abdel Rahman Khaled, ADFS General Manager.
“The selection of Al Salam company was based their long existence in the Egyptian market and its expertise in stock brokerage since 1994, he added.
“Final details of the transaction are being finalized in order to take necessary actions for execution, and will be announced in due course, ADFS General Manager added.
