The Lebanese Bank Audi is working to sell its operations in Egypt

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The Central Bank of Egypt says that it has not received a request from Bank Audi to sell its local unit

Source: Dubai – Arabic.net

Al-Arabiya learned that the Lebanese Bank Audi is working to sell its subsidiary bank in Egypt, as part of its restructuring efforts amid the financial and banking crisis in Lebanon.

Bank Audi business was launched in the Egyptian market after the acquisition of Cairo Far East Bank in 2006.

The latest annual data for the group indicate that the assets of Bank Audi Egypt are close to $ 3.9 billion, equivalent to 8.2% of the Lebanese group’s assets, while its deposits portfolio reaches $ 3.2 billion, offset by loans of more than $ 1.7 billion.

Bank of Egypt had announced last May a deal to buy the work of the National Bank of Greece in Egypt, but the validity of the agreement expired on the second of November without completing it.

For its part, the Central Bank of Egypt said in a statement today, Monday, that it had not received a request from the Lebanese Bank Audi to sell its operations in Egypt.



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