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Ahli United Bank's shareholders approve incorporation of new unit

Ahli United Bank BSC said its shareholders approved the incorporation of a new wholly controlled banking unit under the name Ahli United Bank (Bahrain) BSC (c) in a Dec. 20 extraordinary general meeting.

The new subsidiary will be capitalized through a transfer of existing assets and liabilities. The form, amount and currency of the capital will be determined by the bank's board.

The shareholders also greenlighted the conversion of the bank's existing retail banking license in Bahrain to a conventional wholesale banking license. The bank presently operates onshore and offshore business under the license as well as acting as a holding company for its investments.

All approved resolutions remain subject to approvals by relevant regulatory authorities.