Emirates NBD To Buy BNP Paribas’ Egypt Arm For $500 Mln

Emirates NBD, Dubai’s largest lender, has agreed to buy a 95.2 percent stake in BNP Paribas’ Egyptian arm from the French bank in a deal which values the entire business at $500 million.

ENBD, part-owned by the Dubai government, will make an offer to minority shareholders for the remaining 4.8 percent stake, the Dubai bank said in a statement on Thursday.

The deal is expected to close by the end of the first quarter of 2013, pending regulatory approval.