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Emirates NBD bids for BNP's Egypt retail arm
- United Arab Emirates: Wednesday, October 03 - 2012 at 02:10
Emirates NBD and Morocco's AttijariWafabank have bid to buy BNP Paribas' Egyptian retail arm, as regional banks pick up assets being offloaded by European lenders, Reuters has reported, citing four banking sources. "The two parties are clearly the frontrunners for the stake. There is a lot of regional interest for Egyptian assets but some may be backing out, expecting other European assets to be put on the block," the banking source said. BNP, the top French 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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