Abu Dhabi – Mubasher: The Commercial Bank of Qatar (CBQ) intends to sell its 40% stake in the Emirate United Arab Bank (UAB), the UAB told the Abu Dhabi Securities Exchange (ADX) on Sunday.

In September, the CBQ’s board agreed on granting a “third party purchaser” a 90-day period to negotiate the final terms and conditions of the acquisition.

MubasherTrade Research had forecast in March that the Qatari bank would keep its 40% stake in the ADX-listed bank, but four Arab states cut diplomatic ties with Qatar, including the UAE, which grew tension in Qatar relations with Arab states.

The CBQ had previously denied allegations of selling its stake to an associate bank in December 2015.