CBE Receives No Official Offers For Acquisition Of Banks

The Central Bank of Egypt (CBE) has not received any official offers for acquiring any bank in Egypt including Crédit Agricole Egypt and Piraeus Bank Egypt, said Gamal Negm, sub-governor of CBE. 

A number of European banks are exiting the Egyptian market so as to meet more stringent capital regulations amid the Euro Zone debt crisis, he explained.

It is worth noting that Qatar National Bank acquired 19.95% stake in National Société Générale Bank (NSGB) and Emirates NBD seized BNP Paribas’ entire stake in its subsidiary unit in Egypt.