Bank Audi sae (Egypt) announces the success of the negotiations of acquiring the Branch of the National Bank of Greece in Egypt, pending the final approval of the Central Bank of Egypt
Bank Audi sae (Egypt), a fully-owned subsidiary of Bank Audi sal (Ticker: Audi.BY), announced that, on the 2nd of May 2019, it entered into an agreement with the National Bank of Greece for the acquisition of 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 receipt of regulatory approvals, including the final approval of the Central Bank of Egypt and the Central Bank of Lebanon.
Mohamed Bedier, Acting CEO & MD of Bank Audi sae (Egypt) stated: “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.”
Bedier confirmed to customers that, on the date of transfer, their account(s) and agreements will be automatically transferred to Bank Audi sae (Egypt) in accordance with the terms and conditions of those agreements and/or applicable to those accounts, according to the terms of the approval of the Central Bank of Egypt.
In the meantime, customers can continue to use the existing branches of the National Bank of Greece in Egypt, and will be informed if there will be any changes to the branch network they will be able to use after the date of transfer.
A customer information leaflet with further details on the transfer will be made available on the website of the National Bank of Greece in Egypt (www.nbg.com.eg) and the website of Bank Audi sae (Egypt) (www.bankaudi.com.eg), as well as on Bank Audi Group’s website (www.bankaudigroup.com) in due course.