Complex Made Simple

National Bank of Abu Dhabi eyes French bank Egypt units

The National Bank of Abu Dhabi (NBAD) has said it would be keen to buy the Egyptian operations of French banks, as Europeans look to divest businesses in the north African country due to pressures on capital from the euro zone crisis, Reuters has reported. "Yes, we would look at, opportunistically, using our capital to acquire, subject to the tests set out before," Michael Tomalin, chief executive of NBAD, said. The UAE's largest lender by market value, which opened its first offices in China and Malaysia this year, aims to expand into Lebanon and South Sudan by the end of 2012, having received the necessary regulatory approvals in both countries, Tomalin said.