Bank Audi considering buying NBG’s Egypt unit

Bank Audi SAE has begun due diligence on buying National Bank of Greece’s branches in Egypt, a banker involved in the process said.

The due diligence will be completed by the end of February, the banker said. The website of National Bank of Greece’s Egyptian unit lists 18 branches in Cairo and elsewhere in the country.

“The sale of NBG’s Egypt operations is part of the bank’s restructuring plan. There is an ongoing process, Bank Audi is looking at it,” another banker close to the procedure told Reuters in Athens.

[Reuters]