National Bank of Greece : Sale of NBG’s Egyptian Operations
May 03, 2019 at 07:03 pm IST
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National Bank of Greece S.A. ('NBG') announces the signing of a definitive agreement with Bank Audi S.A.E ('Bank Audi Egypt') for the sale of the banking operations of its branch network in Egypt, comprising mostly of Egyptian-risk loans, deposits and securities (total assets of c. €110 million), a branch network of 17 branches and c. 250 employees (together the 'Transaction'). The Transaction is being implemented in the context of NBG's Restructuring Plan and in-line with its Commitments towards DG Competition of the European Commission.
The Transaction has a marginally positive impact on NBG's capital and liquidity position.
Closing of the Transaction is subject to the approvals of the Central Bank of Egypt and the Central Bank of Lebanon.
Ernst & Young Corporate Finance is acting as exclusive financial advisor to NBG. Freshfields Bruckhaus Deringer LLP and Matouk Bassiouny & Hennawy are acting as international and local legal counsels, respectively, to NBG.
About Bank Audi
Bank Audi sal ranks first among Lebanese banks and is among the top 20 Arab banking groups. As at 31 March 2019, Bank Audi's total consolidated assets were US$ 46.4 billion and its shareholders' equity was US$ 4.0 billion. Bank Audi's group staff headcount exceeds 6,200 employees and its shareholders' base encompasses more than 1,500 holders of common shares and/or holders of Global Depositary Receipts (GDRs) representing common shares. Its shares are listed on the Beirut Stock Exchange. Its GDRs are listed on both the Beirut Stock Exchange and the London Stock Exchange.
Bank Audi Egypt is a wholly owned subsidiary of Bank Audi sal, offering a full range of products and services that cover corporate and retail banking, treasury and trade finance. Bank Audi Egypt had a network of 46 branches and employed a total of 1,454 persons as at 31 March 2019 and ranked 9th among the banks from the private sector in Egypt in terms of assets.
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National Bank of Greece SA published this content on 03 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 03 May 2019 13:32:03 UTC
National Bank of Greece SA is a Greece-based company, which provides a range of financial services. Its financial services include retail and commercial banking, asset management, brokerage, investment banking, insurance and real estate at a global level. The Group operates in Greece, Turkey, the United Kingdom, South East Europe (SEE) which includes Bulgaria, Romania, Albania, Serbia and Former Yugoslavian Republic of Macedonia (FYROM), Cyprus, Malta, Egypt and South Africa. The Bank operates through the following business segments: Retail Banking, Corporate and Investment Banking, Special Asset Unit (SAU), Global Markets and Asset Management, Insurance, International Banking Operations, Turkish Banking Operations, as well as Other that includes real estate management, hotel and warehousing businesses.