Lebanon-based lender Bank Audi announced that the success of negotiations of acquiring the banking operations and the branches of the National Bank of Greece in Egypt have succeeded, pending the final approval for the Central Bank of Egypt, according to Mohamed Bedier, Acting CEO & MD of Bank Audi sae (Egypt).
The transaction is structured as a single sale and transfer of selected corporate and retail assets and liabilities pertaining to the Egyptian operations of the National Bank of Greece including, among others, a network of 17 branches.
However, the completion of the transaction is subject to receipt of regulatory approvals, including the final approval of the Central Bank of Egypt and the Central Bank of Lebanon.
“We are very pleased with this transaction which fits within Bank Audi Egypt’s growth plan, aiming at enhancing its market positioning and encompassing the opening of new branches. This transaction is expected to provide Bank Audi Egypt with a faster and more efficient support to achieve its target on an accelerated basis.”, Bedier said
