Egypt denies Lebanon’s Bank Audi request to sell Egyptian unit

Egypt’s central bank denied in a statement on Monday receiving a request from Lebanon’s Bank Audi to sell its Egyptian unit.

Media reports said the Lebanese bank intended to sell its Egyptian unit as part of a restructuring process to handle the ongoing financial and banking crisis in Lebanon.

Bank Audi’s Egyptian union started its operations in the North African country after the acquisition of Cairo Far East Bank in March 2006.