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Emirates NBD highest bidder for BNP Paribas' Egypt arm
- United Arab Emirates: Wednesday, December 19 - 2012 at 01:53
Dubai's largest bank, Emirates NBD, has emerged as the frontrunner to buy BNP Paribas' Egyptian retail business, in a deal likely to raise $400-500m for the French lender, Reuters has reported, citing three sources familiar with the matter. ENBD's offer for the business was highest in a second round of bidding that took place earlier in December, the sources said. BNP, France's biggest-listed bank, put its retail banking business in Egypt on the block in June, seeking to shore up its capital base and exit non-core operations.
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