Bank Audi to acquire NBG’s Egypt arm
M&A WATCH- Bank Audi to acquire NBG’s Egypt arm: Bank Audi will acquire National Bank of Greece’s Egypt arm, including a book of “mostly of Egyptian-risk loans, deposits and securities (total assets of c. EUR 110 mn), a branch network of 17 branches and c. 250 employees,” NBG said in a press release. With a sale agreement now inked, the transaction is still subject to the final approval of the central banks of Egypt and Lebanon. NBG decided to exit the market last year as part of a wider plan to reduce its overseas presence under an EU-supervised restructuring. The statement did not give a value for the transaction or provide any other details.
Advisors: NBG had tapped Ernst & Young as financial advisor and Matouk Bassiouny and Freshfields as legal advisors for the transaction.