Dubai bank ENBD completes purchase of BNP's Egypt arm

Reuters, Tuesday 11 Jun 2013

Dubai's largest lender has received the Egyptian financial watchdog and completing the acquisition BNP Paribas in a deal worth $500 million

Emirates NBD, Dubai's largest lender, has completed the acquisition of BNP Paribas' Egyptian assets after receiving regulatory approval in the North African country, the bank said in a statement on Tuesday.

In December, ENBD announced it had agreed to buy the Egyptian business of BNP Paribas for $500 million in a first step towards diversifying beyond its Dubai base.

The UAE bank is now awaiting the necessary approvals to buy out the remaining minority shareholders in the Egyptian business. Banque Misr and Banque du Caire Employee Insurance Fund hold 4.8 percent, the statement added, without giving a timeframe for the approval or a value. 

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