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Tuesday, 4 September 2018

Emirates NBD in the market to acquire a bank in Egypt

M&A WATCH- Emirates NBD in the market to acquire a bank in Egypt: Emirates NBD Egypt is looking to acquire a bank in Egypt as it aims to become a top-five private-sector player in the Arab world’s most populous country, CEO Mohamed Berro said a meeting with the press on Monday, Al Mal reports. Berro gave no indication on which banks it is eying. From what we can see, it is only state-owned banks or shares in them that are up for grabs, including United Bank, Egypt’s stake in Arab African International Bank, and the IPO of Banque du Caire. Emirates NBD had bid on Barclays Bank Egypt, which was snatched up by Morocco’s Attijariwafa.

Further afield, the bank may look forward to stiff competition in the GCC as reports reveal merger talks are taking place between Abu Dhabi Commercial Bank, Union National Bank PJSC and Al Hilal. The combined entity would make it the fifth biggest bank in the GCC, according to Bloomberg, which ranks Emirates NBD as the third largest bank regionally.

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