The National Bank of Greece (NBG) is terminating its activities in the Egyptian market after having submitted a formal request to the Central Bank of Egypt, according to Greek news outlet Business Daily.
NBG’s decision comes after years of unsuccessful attempts to divest its portfolio in Egypt, which includes 17 branches.
NBG is no longer looking to sell its portfolio Egypt and instead has chosen to change its exit strategy, a senior official at the Central Bank of Egypt told local press, speaking on condition they not be named.
NBG had informed the CBE back in 2018 that it planned to leave Egypt.
The move was mandated by the bank’s restructuring agreement with the European Commission after Greece’s government debt crisis. NBG was required to scale back its overseas presence after it received state aid in the context of previous recapitalizations.
Under the agreement, NBG has also proceeded with the sale of its subsidiaries in Romania and Turkey and is working to sell assets in Cyprus. Following the exit of Egypt, NBG’s international operations will be limited to just two countries: Northern Macedonia and Malta.
