Completion of the acquisition still requires final regulatory approval, the bank said. Sources expected the deal to be finalized by next week.

The bank did not specify the value of the transaction. However, Naeem Holding, which confirmed the deal in a statement, said that it stood at $42 million.

Audi ‘s CEO, Samir Hanna, said that the acquisition aims to complement the bank’s commercial activities in Egypt with a brokerage body, and falls within an expansion and diversification strategy.

The bank said that Chairman, Hisham Tawfic would keep his position, while holding the remaining ten percent shareholding equity in the company. Earlier this month, Audi said it would be opening a branch in the UK through his year, as well as other offices in Tunisia and Morocco.