Banque Misr plans to sell its 4% stake in BNP Paribas Egypt to Emirates NBD after the latter signed a definitive agreement whereby BNP Paribas will sell its entire 95.2% stake in BNP Paribas Egypt for US$ 500 million, subject to Central Bank of Egypt’s approval, said Mohamed Fayed, deputy chairman of Banque Misr, to Al Ahram.
The agreements were signed, but the executive procedures necessitate approvals from CBE and Capital Market Authority after Emirates NBD offered to buy acquire 100% of BNP Paribas Egypt.
Shahinaz Fouda, CEO of BNP Paribas Egypt, stated that the total consideration to be offered by Emirates NBD for 100% of BNP Paribas Egypt under the transaction is $500m. This represents a multiple of 1.6 times the book value as of September 2012.
Emirates NBD has won its bid to acquire the bank after competing with a number of other banks such as Morocco’s Wafa Bank.
