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Thursday, 21 February 2019

Bank Audi to complete due diligence for NBG Egypt arm bid by month-end

M&A WATCH- Bank Audi to complete due diligence for NBG Egypt bid by month-end: Bank Audi will complete by the end of the month due diligence on the Egypt subsidiary of National Bank of Greece (NBG) ahead of a planned acquisition of its assets and portfolio, unnamed sources told Reuters. The central bank gave Bank Audi the green light last month to move ahead with the due diligence before proceeding with the acquisition. NBG, which owns 17 branches in Egypt, had decided to exit the market as part of a wider plan to reduce its overseas presence under an EU-supervised restructuring.

Advisors: NBG has reportedly tapped Ernst & Young as financial advisor and Matouk Bassiouny and Freshfields Bruckhaus Dinger as legal advisors on the sale.

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