CAIRO: Abu Dhabi Islamic Bank and Emirates International Investment Company will buy a 51.3 percent stake in Egypt s National Bank for Development for LE 159 ($27.9 million), Egypt s stock exchange said on Thursday.

In June the two Emirati firms had offered LE 310 million for the entire Egyptian bank. The National Bank for Development agreed to the June tender offer of LE 11 a share, but it did not agree to sell all the bank, the stock market said.

National Bank for Development is one of Egypt s smaller banks and has made losses in recent years. Eighteen of its branches operate under Islamic banking regulations.

Foreign banks are keen to operate in the Egyptian banking market but the central bank has restricted the number of licenses available, making takeovers the only way to move in.

Shares in the National Bank for Development last traded down 2.9 percent at LE 17 per share.