The Tunisian Commission for Sanitation and Restructuring of Companies with public participations (CAREPP) has approved the sale of the State’s stake in the capital of the Banque de Tunisie et des Emirats (BTE), the lender announced in a statement released last Monday.

The operation falls in the framework of that of a single block of shares making 77.8% of BTE’s capital and representing 100% of voting rights. This comprises 38.89% for the Tunisian State and 38.89% for the Emirati Abu Dhabi Investment Authority (ADIA).

The rest are preference shares listed on the Tunis Stock Market.

Established in 1982, BTE operated as a development bank before becoming a universal lender in 2004. With a social capital of 90 million dinars (about $36 million), the institution now has 26 branches.

In 2016, BTE recorded a net profit of  938,000 dinars (about $379,000) against 1.6 million dinars (about $646,000) in 2015, thus down 43.6%.