Is Bankasi, Attijariwafa Failed To Acquire Piraeus Bank – Egypt

Negotiations between Piraeus Bank on one side and Turkiye Is Bankasi and Moroccan Attijariwafa Bank, on the other side, failed on low purchase offers, sources said.

Both banks, who submitted their bids to acquire Piraeus Bank – Egypt, had conducted due diligence process on the bank last May. Piraeus Bank said it awaits a good purchase offer to sell its arm in Egypt.

Greek Piraeus Bank earlier failed to sell its unit in Egypt when Standard Chartered Bank had offered to acquire the bank last November.