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Monday, 16 September 2019

Will the Central Bank of Egypt sign off soon on NBG’s sale to Bank Audi?

M&A WATCH- CBE to sign off soon on NBG sale to Bank Audi? The Central Bank of Egypt is set to approve Bank Audi’s planned acquisition of the National Bank of Greece’s (NBG) operations in Egypt, an unnamed CBE source tells Masrawy. According to the source, the CBE is finalizing certain procedures before it can give the green light for the sale, but did not disclose when the approval is expected to come through. Bank Audi announced back in May that it would acquire NBG’s Egypt arm, including a book “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 decided to exit the market last year as part of a wider plan to reduce its overseas presence under an EU-supervised restructuring.

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