Back to the complete issue
Thursday, 5 March 2020

No offers for NBG’s Egypt unit -Negm

M&A WATCH- Apparently nobody wants NBG’s Egypt unit anymore: The National Bank of Greece (NBG) has not received any new offers for the acquisition of its Egypt unit after negotiations with Lebanon’s Bank Audi fell through, Deputy Governor of the Central Bank of Egypt Gamal Negm told Masrawy on the sidelines of the Nile Pioneers Initiative on Wednesday. Negm did not indicate what the future holds for NBG’s Egypt unit now that the acquisition process has come to a halt.

Background: Bank Audi had agreed to acquire NBG's unit in Egypt in May last year and was in the process of obtaining CBE approval and closing the transaction despite a dispute between NBG and its employees dragging the negotiations. Earlier this year, Bank Audi itself decided to exit the Egyptian market and received an offer from First Abu Dhabi Bank (FAB) last month to sell its Egypt arm, which is currently engaged in a due diligence process that will coin a decision by 2Q2020.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.