BNP Paribas Sells Egyptian Operations

BNP Paribas is selling its 95.2% stake in BNP Paribas Egypt to United Arab Emirates (UAE) retail bank, Emirates NBD.

 Emirates NBD will simultaneously offer to acquire the remaining 4.8% of BNP Paribas Egypt from its minority shareholders, paying $500 million for the entire business.

 The bank says it is expanding its footprint in retail and corporate banking outside the UAE and has identified Egypt as a key strategic market for future growth.

 The transaction is expected to close by the end of the first quarter of 2013.

 BNP Paribas Egypt is headquartered in Cairo and has a network of 69 branches throughout the country, with 1,450 employees.

Banking Times