Bank Audi to buy Egyptian operations of Greek bank

Bank Audi-Egypt, a fully-owned subsidiary of the Bank Audi group, has reached a final agreement with the National Bank of Greece (NBG) to acquire the banking operations of its Egyptian branch, according to statements by the two lenders.

NBG said its Egyptian operations consist of 17 branches, nearly 250 employees, and total assets of €110 million ($123 million). The acquisition includes Egyptian-risk loans, deposits, and securities.

Closing of the deal requires the final regulatory approvals of the central banks of Egypt and Lebanon.

“This transaction fits within Bank Audi-Egypt’s growth plan, aiming at enhancing its market positioning and encompassing the opening of new branches,” said Mohamed Bedier, Acting CEO of Bank Audi-Egypt.

Bank Audi-Egypt is mainly involved in corporate and retail banking as well as treasury and trade finance. At the end of March 2019, it had a network of 46 branches and a workforce of 1,454 persons.

The foreign operations of the Bank Audi group represent around 30 percent of its consolidated assets. Its total consolidated assets stood at $46.4 billion at the end of March 2019.