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Wednesday, 31 January 2018

National Bank of Greece taps E&Y, Matouk Bassiouny, Freshfields as advisors on its Cairo branch sale

National Bank of Greece taps advisors for exit from Egypt: The National Bank of Greece has reportedly tapped Ernst & Young as financial advisor and Matouk Bassiouny and Freshfields Bruckhaus Dinger as legal advisors its planned sale of its Cairo branches, Al Borsa reports. Reports had emerged in November that the bank was shopping around for advisors on the potential sale of its 17 branches in Egypt, which comes as part of the bank’s restructuring plan mandated by the European Commission after Greece’s government debt crisis. The plan entails scaling back the bank’s presence overseas. Unidentified sources tell Al Borsa that the bank is still drawing up its exit strategy, but expects to complete the sale of its branches sometime during 2H2018.

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