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.
Dubai’s largest bank Emirates NBD sees profit jump 31 percentEmirates NBD, Dubai's largest bank by market value, on Thursday said its first-quarter net profit rose 31 percent on the back of lower impairments, ... Banking & Finance
Dubai largest bank ENBD to buy BNP Paribass Egypt arm for 500 millionEmirates National Bank of Dubai (ENBD), largest bank in the emirates of Dubai has emerged as the front runner to offer $500 million to acquire the ... Business
Rick Pudner quits as head of Dubai bank Emirates NBDRick Pudner, chief executive of Emirates NBD, Dubai's largest bank, is resigning, the bank said on Sunday without giving a reason. Pudner is expected ... Banking & Finance