An official source at the Central Bank of Egypt (CBE) said the due diligence process on BNP Paribas Egypt was conducted ahead selling the French bank’s unit in Egypt.
Sources told Amwal Al Ghad that three Arab banks compete to acquire the bank. The banks have submitted their purchase offers in the last few days, sources added, noting that the financial consultant will announce the winning bid soon.
Sources expected announcing the winning bid before the end of this month and the value of the deal will range from US$ 350 million to US$ 400 million as acquisition process is the available method to enter the Egyptian market because CBE refuses to grant more banking licenses.
Although some say that BNP Paribas will not exit the market, sources affirmed the French bank will sell its unit in Egypt to shrink its investments overseas to focus on the parent bank after the global financial crisis that hit Europe.