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Bank Audi considers sale of Egypt’s unit

Bank Audi considers sale of Egypt’s unit
Bank Audi is proceeding with an equity increase

Cairo – Mubasher: Lebanon’s Bank Audi is reportedly considering selling its unit in Egypt, as lenders showed interest in the unit, the bank’s chief financial officer Tamer Ghazaleh told Reuters.

Bank Audi is proceeding with an equity increase under the instructions of the Central Bank of Lebanon, Ghazaleh added.

The top official noted that Bank Audi will hold a general assembly meeting to vote on the equity raising.

“Bank Audi is doing the equity increase and independently considering discussing with parties selling Bank Audi Egypt at the right price. For us, we would not have considered thinking of it if the situation was different in Lebanon. We have our own ambition and expansion plan in Egypt,” Ghazaleh said, quoted by Reuters.