An international Arab financial institution has offered to purchase a 40 percent stake of the Al-Watany Bank (AWB) of Egypt’s 157 million pound ($34 million) capital, reported Al-Alam Al-Yaum.
The bank recently issued a counter statement agreeing to sell 33 percent of its shares to the institution on the condition that the remaining seven percent will be distributed to its former shareholders. The interested firm has until April 15 to return its final offer to close the deal.
AWB is one of Egypt’s leading private sector banks. At present, the bank's services include current accounts and time deposits, certificates of deposit, documentary settlements, and project and loan finance. The bank is also involved in securities trading, establishment of new companies and promotion of initial public offerings (IPOs).
The bank offers these services through its 15-branch network, Visa, tele-banking, and automated teller machines (ATM) in Egypt's major cities. The bank also operates an Islamic banking branch in Cairo. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
