Investors representing at least 60 per cent of the stock of Bahrain's TAIB Bank have agreed to sell their shares to Dubai Financial. Based on the $2.73 per share the Dubai Financial said it was prepared to pay in July, and outstanding shares of 107.01 million, the aquisition is worth about $175 million, said Reuters. "Dubai Financial will proceed with the purchase of 60 per cent or more of the TAIB shares as all eligible and valid shareholder applications have been accepted by Dubai Financial," the firm said in a statement posted on the Bahrain Stock Exchange website. TAIB, established as a private bank in Bahrain in 1979 and listed on the bourse since 1994, specialises in wealth management and investment banking. TAIB Bank vice president Aseesh Goel said: "This is a positive move for TAIB Bank - it will be part of Dubai Financial, and Dubai Financial is a big name." Dubai Financial, a part of Dubai Group, said in July it had agreed to buy around 37 per cent of TAIB Bank and was looking to raise its stake to 60 per cent.