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Monday, 14 June 2021

Egypt's central bank didn't receive request from Lebanon's Bank Audi to sell Egyptian unit: CBE

Reuters , Ahram Online , Monday 13 Jan 2020

The Central Bank of Egypt (CBE) stated on Monday it had not received a request from Lebanon’s Bank Audi to sell its Egyptian unit.

Media reports said Bank Audi planned to sell its Egyptian unit as part of a restructuring process to deal with the financial and banking crisis in Lebanon.

But Mohamed Bedir, the CEO of Bank Audi Egypt, said in a media statement that the bank has had a plan to open 13 new branches across Egypt in 2020.

The operations of Bank Audi's unit in Egypt started in 2006 after acquiring Cairo Far East Bank.

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