Emirates NBD PJSC (EMIRATES), the United Arab Emirates’ biggest bank by assets, is poised to buy BNP Paribas SA’s (BNP) consumer banking business in Egypt, according to a person with knowledge of the matter.
Emirates NBD, which is controlled by Dubai’s government, may pay the French lender $400 million to $500 million for the assets, said the person, who asked not to be identified because the information is private.
A spokesman for Emirates NBD declined to comment, while a spokesman for BNP Paribas couldn’t immediately be reached. Reuters reported the story earlier today.
BNP Paribas is likely to become the second French bank to sell assets in Egypt as the European nation’s banks boost capital amid Europe’s debt crisis. On Dec. 12, Societe Generale SA, France’s second-largest lender, agreed to sell its 77.2 percent stake in its Egyptian unit, National Societe Generale Bank SAE (NSGB), to Qatar National Bank SAQ (QNBK) for $1.97 billion.
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