Abu Dhabi


New York

Tuesday 20th March 2018

Bank Audi Considers Buying National Bank of Greece’s Egyptian Operation


7Dnews London

Wed, 20 Feb 2019 22:59 GMT

Bank Audi SAE is anticipated to announce buying National Bank of Greece's branches in Egypt by the end of February as a due diligence is being processed, according to Reuters.

A banker involved in the process revealed the news. Both banks could not immediately be reached for comment.

Eighteen branches are listed on the website of National Bank of Greece's Egyptian unit in Cairo and elsewhere in the country.

"The sale of NBG’s Egypt operations is part of the bank’s restructuring plan. There is an ongoing process, Bank Audi is looking at it," another banker close to the procedure told Reuters in Athens.

In 2006, Bank Audi joined the Egyptian retail banking market with the purchase of the three branches of Cairo Far East Bank SAE. It has since expanded its network to 46 branches, according to its website.

Middle East Europe