(MENAFN) The UAE's Shuaa Capital was announced to have made an acquisition agreement for a stake of 4.8 percent in Ajman Bank.
The top UAE financial services company secured the stake acquisition pact with Ajman Bank at a value of USD27.2 million.
"Ajman Bank combines a strong franchise blended with an active growth strategy which we at Shuaa admire," stated Shuaa chief executive Fawad Tariq-Khan.
"We believe the bank is well positioned to continue to provide shareholder value, and fully endorse the strategic vision of the bank's Board and management," the chief executive noted.
"We also look forward to building a closer relationship with them and exploring synergies between our respective platforms," Tariq-Khan added.
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