HSBC boosts Egyptian presence with stake purchase in bank
British banking group HSBC said Thursday it had increased its stake in Egyptian British Bank (EBB) to 90 percent from 40 percent.
The British giant spent some 138.6 million dollars (160 million euros) buying up shares to increase its holding in the Egyptian bank.
"HSBC's increased stake in EBB will enable us to move confidently ahead with our plans to develop business in Egypt and to substantially reinforce HSBC's participation in this market," said EBB managing director Abdel Salam El Anwar.
HSBC explained its Egypt strategy earlier this month, saying the time had come to boost its presence because of sustained growth and liberalization of the Egyptian economy.
"Opportunities for developing new banking services are likely to increase, and HSBC is well placed to respond to them," said HSBC Bank Middle East deputy chairman Andrew Dixon last week. – (AFP)
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