By: Islam Fadl

Cairo – Mubasher: Negotiations held by Bank Audi Egypt to acquire the National Bank of Greece (NBG) – Egypt have been halted, the Central Bank of Egypt’s (CBE) sub governor Gamal Negm said.

No more offers have been submitted to acquire the bank so far, Negm added on the sidelines of NilePreneurs anniversary celebration event on Wednesday.

In addition, the senior official revealed that the CBE approved a request from First Abu Dhabi Bank (FAB) to conduct a due diligence process to acquire Bank Audi’s unit in Egypt.

It is noteworthy that Bank Audi is considering to sell its operations in Egypt as it proceeds with an equity increase under the instructions of the Central Bank of Lebanon.

On a side note, Negm revealed that the capital of 65-70% of banks operating in Egypt comply with the CBE’s proposed regulations that currently await the parliament’s approval.

The remaining banks will most probably be able to increase their capital in line with the proposed regulations over three years, he noted.