Dubai's Mashreq Q4 profit jumps, talking with Citi for Egypt unit

Mashreq is holding talks with Citigroup about acquiring its retail banking business in Egypt and is targeting net profit growth in 2015 of between 6 percent and 10 percent, the Dubai bank's chief executive said on Sunday.

Abdul Aziz al-Ghurair made the remarks to reporters after the emirate's third-largest bank by assets reported a 28 percent jump in fourth-quarter earnings on the back of improved operating income.

With Emirates NBD, which recorded a 82 percent net profit increase, it marked a positive start to the fourth-quarter reporting season for the United Arab Emirates' banks, who have benefited from strong domestic economic conditions in recent quarters.

Citi has received bids from ten banks for its Egyptian consumer business after putting it up for sale in October to trim costs, sources told Reuters last week.