Bank Audi acquires majority stake in Arabeya Online

01 August 2010

Lebanese lender Bank Audi has acquired 90% of online brokerage Arabeya Online from the firm's chairman and majority owner Naeem Holding. Arabeya Online, which mainly serves retail and day traders, had transactions worth more than EGP18bn ($3.2bn) in 2009. Hisham Tawfik, chairman of the online brokerage, will hold the remaining 10%. Bank Audi did not disclose the value of the deal.

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