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Dubai bank ENBD completes purchase of BNP’s Egypt arm

Published: Updated:

Emirates NBD, Dubai’s largest lender, has completed the acquisition of BNP Paribas’ Egyptian assets after receiving regulatory approval in the North African country, the bank said in a statement on Tuesday.

In December, ENBD announced it had agreed to buy the Egyptian business of BNP Paribas for $500 million in a first step towards diversifying beyond its Dubai base.

The UAE bank is now awaiting the necessary approvals to buyout the remaining minority shareholders in the Egyptian business. Banque Misr and Banque du Caire Employee Insurance Fund hold 4.8 percent, the statement added, without giving a time-frame for the approval or a value.