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Central Bank Okays NBG’s exit

Sunday 29 July 2018 01:12 PM

National Bank of Greece
National Bank of Greece

By Mohamed Salem and Iman Al Qaddi:
The Central Bank of Egypt (CBE) has approved a request submitted by the National Bank of Greece (NBG) to exit Egypt.
CBE has also approved conducting due diligence assessment by potential buyers of the bank’s financial and fixed assets in several governorates.
Sources told Al Mal newspaper that the central bank’s board granted its approval for selling the assets of the Greek lender in the local market.
The bank’s assets include 17 branches and a number of financial and credit portfolios employed in corporate and individual financing and securities.
The Greek lender has been operating in the local market 84 years ago, and it is not an Egyptian joint stock company, but it owns a license for a branch.
CBE said that it will follow up the developments of sale to ensure that the rights of employees are maintained and they are not affected.
NBG appointed Ernst & Young to act as the financial advisor to the bank while the independent law firm Matouk Bassiouny was hired to act as the legal advisor.