Bank Audi Egypt, a fully-owned subsidiary of Bank Audi, announced Sunday that on May 2 it entered into an agreement with the National Bank of Greece to acquire the banking operations of its Egyptian Branch. The transaction is structured as a single sale and transfer of selected corporate and retail assets and liabilities pertaining to the Egyptian operations of the National Bank of Greece including, among others, a network of 17 branches.
The completion of the transaction is subject to regulatory approvals, including the final approval of the Central Bank of Egypt and the Central Bank of Lebanon.
“We are very pleased with this transaction which fits within Bank Audi Egypt’s growth plan, aiming at enhancing its market positioning and encompassing the opening of new branches. This transaction is expected to provide Bank Audi Egypt with a faster and more efficient support to achieve its target on an accelerated basis,” Bank Audi Egypt CEO and Managing Director Mohammad Bedier stated.
In the first quarter of 2019, Bank Audi recorded a net profit increase of 7 percent, or $122 million, compared to the same period in 2018.