UAE and Morocco enter bidding war for BNP Paribas' Egyptian retail arm

UAE and Morocco enter bidding war for BNP Paribas' Egyptian retail arm
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Published October 2nd, 2012 - 11:06 GMT via SyndiGate.info

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A bidding war is underway for BNP Paribas' lucrative Egyptian retail arm
A bidding war is underway for BNP Paribas' lucrative Egyptian retail arm
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BNP Paribas
,
Emirates NBD
,
AttijariWafabank
,
Reuters
,
UBS

UAE-based Emirates NBD and Morocco's AttijariWafabank have both reportedly bid to buy BNP Paribas' Egyptian retail arm, which went up for sale in June.

The sale is expected to generate as much as $500 million for the France’s BNP Paribas, reported Reuters, citing a banking source. "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," Reuters quoted the banking source as saying.

Swiss bank UBS is advising the Moroccan lender on the deal, according to two further sources cited by the newswire.

Attijariwafabank, Emirates NBD and BNP Paribas have all failed to comment.

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