Bahrain's TAIB Bank is a step closer to being taken over by Dubai Financial, after announcing that investors holding at least 60% of the bank's stock had agreed to sell their shares, reported Reuters. The purchase is thought to be worth about $175m. Dubai Financial, which is owned by the ruler of the emirate, said in July it had agreed to buy around 37% of TAIB and was looking to raise its stake to 60%. [AMEInfo.com]



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Posted: 09|11|07 at 6:40 am. Filed under: News.