HSBC increases stake in Egyptian British Bank
The British HSBC group recently increased its share in the Egyptian British Bank (EBB), from 40 percent to 90 percent. This move, reported the Middle East Times, cost HSBC a total of $138.6 million.
The reasoning behind this stake increase was the present continuous growth and liberalization experienced in the Egyptian economy.
The managing director of EBB, Abdel Salam El Anwar, was quoted in the report saying that, “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.” –(Albawaba-MEBG)