Second Egyptian bank to be sold in French retreat
Emirates NBD has signed a definitive agreement to buy BNP Paribas’s entire 95.2% stake in BNP Paribas Egypt. This is the second Middle Eastern bank to announce such a deal for a French bank’s Egyptian business this month.
Emirates NBD is offering $500m for BNP Paribass shares plus the remaining 4.8% held by minority shareholders. This is a multiple of 1.6 times book value as of September this year.
The deal is expected to close by the end of the first quarter 2013.
Dubai-based Emirates NBD hopes to
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