CAIRO, May 21 (Aswat Masriya) - Kuwait's Al Ahli Bank has acquired 98.5 percent of the shares of Greece's Piraeus Bank in Egypt, the Kuwait stock exchange announced on Thursday.

The Kuwaiti bank was able to reach a $150 million final agreement with Piraeus Bank following negotiations and a screening process approved by the Central Bank of Egypt, the statement read.

The transaction requires the approval of both Egypt's and Kuwait's central banks.

Greek banks have recently faced challenges amid a debt crisis taking over the country.