Dubai's Shuaa Capital said on Wednesday that Abu Dhabi Financial Group had reached an agreement to buy the 48.36 percent stake of the investment bank held by Dubai Banking Group.

The transaction, for which no value was disclosed, is subject to regulatory approvals, the statement added.

Alternative investment firm Abu Dhabi Financial Group, Dubai-based Arqaam Capital and Al Mal Capital were among the bidders for Dubai Banking Group's stake in Shuaa, Reuters reported on May 31.

Dubai Banking Group is a subsidiary of Dubai Group, which is in the process of selling assets to help fund repayments on its $10 billion debt restructuring.

Shuaa's shares were up 2.3 per cent on Wednesday prior to the disclosure.-Reuters