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Morocco’s Attijariwafa Bank is seeking to buy Piraeus Bank’s Egyptian subsidiary, a local Moroccan news agency reported Thursday.
The sale of the Egyptian arm of Piraeus Bank has attracted two potential bidders from the Middle East and North Africa region; Lebanon’s Byblos Bank and Al Ahli Bank of Kuwait (ABK).
Attijariwafa Bank is a leading bank in Morocco and is part of King Mohammed VI’s holding company the SNI.
Piraeus Bank, Greece’s largest bank by assets, is seeking within three years to fully sell its Egyptian arm, aiming to raise liquidity required to wither a local debt crisis.
Piraeus Bank Egypt has a network of 38 branches.
