Finance

Bank Audi announces its Egyptian subsidiary’s acquisition of National Bank of Greece

Monday, 06 May 2019 17:24
Bank Audi announces its Egyptian subsidiary’s acquisition of National Bank of Greece

(Ecofin Agency) - A release published on May 5, 2019, announced the success of negotiations for the acquisition of National Bank of Greece.  

"We have concluded an agreement allowing our fully-owned subsidiary Bank Audi Egypt to acquire the total assets of National Bank of Greece Egypt, including the deposits and investments portfolio and 17 agencies employing close to 250 employees," Bank Audi says indicating that the operation is subjected to the approval of Egyptian and Lebanese central banks.  

"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," said Bank Audi Egypt’s acting CEO Mohammad Bedier. Bank of Greece launched operations in Egypt in 1933 with the acquisition of Anatoly Bank.

Lebanon’s leading bank in terms of assets, Bank Audi entered into the Egyptian retail banking market in 2006 with the acquisition of Cairo Far East Bank SAE.

Currently, Bank Audi Egypt has 46 agencies and 1,454 employees according to figures available on its website.



 
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