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Bank Audi has yet to apply for CBE approval to acquire NBG-Egypt: Helal - Daily News Egypt

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Bank Audi has yet to apply for CBE approval to acquire NBG-Egypt: Helal

In May, Bank Audi signed the final acquisition contract of the NBG-Egypt, however sealing the deal currently depends on the approval of both the CBE and Banque Du Liban, the central bank of Lebanon


Bank Audi-Egypt has not yet applied to obtain the Central Bank of Egypt’s (CBE) approval to complete the acquisition of the National Bank of Greece (NBG)-Egypt, CBE Deputy Governor, Lobna Helal, said on Tuesday.

She stressed that guaranteeing all the rights of the NBG-Egypt employees would be the prerequisite for issuing the CBE approval for the bank’s exit from Egypt and the acquisition deal.

In May, Bank Audi signed the final acquisition contract of the NBG-Egypt, however sealing the deal currently depends on the approval of both the CBE and Banque Du Liban, the central bank of Lebanon.

The agreement will see Bank Audi acquiring the total assets of NBG-Egypt, including deposits and investment portfolio, in addition to the bank’s 17 branches which have about 250 employees.

The NBG-Egypt’s assets are estimated to be worth €110m.

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