National Bank of Greece-Egypt leaves market after 100 years

Bank Audi Egypt announced the success of the acquisition negotiations of the banking operations portfolio and the branches of the National Bank of Greece (NBG) in Egypt, noting that the completion of the transaction depends on obtaining the final approval from the Central Bank of Egypt (CBE).

On 2 May 2019, the NBG concluded an agreement to transfer the banking operations portfolio for its services to individuals and companies in Egypt to Bank Audi.

The NBG is the latest bank to announce its exit from the Egyptian market after nearly 100 years of its presence.

Furthermore, the NBG Group announced several days ago that the bank’s assets in the Egyptian market were sold to Bank Audi for €110m including loans, deposits and securities, as well as 17 branches and 250 employees.