Cairo — Mubasher: Bank Audi is considering presenting a proposal to acquire the branches of the National Bank of Greece (NBG) in Egypt, sources familiar with the matter said.

The acquisition is part of the Lebanese lender’s plan to boost its business activities and geographical presence in Egypt, as well as increase its customers, local newspaper Almal reported on Thursday, citing the sources.

The sources said that Bank Audi submitted a request to the Central Bank of Egypt (CBE) and the NBG to get requisite approval for conducting due the diligence study for the NBG’s branches in Egypt to present a purchase offer.

In July 2018, the CBE gave green light to the NBG to start the procedures of exiting from Egypt.

The NBG’s Egyptian assets include 17 branches and a number of financial and credit portfolios investing in corporate and retail financing, along with securities, Almal said.

The Egyptian unit of the Athens-based lender has hired consultancy firm Ernst & Young (EY) as a financial advisor of the divestment deal, while the law firm Matouk Bassiouny would act as the legal advisor.