Nasser bank revises a bid to manage its assets

Sunday 08 July 2018 02:59 PM

Nasser Social Bank
Nasser Social Bank

By Ahmed Aly:
Nasser Social Bank (NSB) has decided to cancel a bid launched just a few months ago as part of its restructuring plan. NSB is the only lender of its kind in Egypt and Africa.
Al Mal newspaper reported earlier that NSB launched a bid to manage its assets totaling EGP 3.5bn as part of a comprehensive restructuring plan including investments in 48 listed and unlisted firms on the Egyptian Exchange.
Among the bidders were: EFG-Hermes, CI Capital, Beltone Financial and HC, according to sources.
Turning back the clock on the bid is ascribed to its desirability to continue managing assets by itself as restructuring plan supervised by minister of social solidarity has been changed.
According to previous statements by an official, the state-owned specialized bank has gone a long way in restructuring program, according to the official, adding the program includes branches, human resources and installing a strong IT system enabling the bank to implement all banking operations introduced by banks falling under the central bank.