CAIRO: Piraeus Bank in Egypt has approved a proposal to set up a new brokerage firm in the Cairo & Alexandria Stock Exchanges with a total capital of LE 5 million ($879,000).
Gamal Moharram, the chief executive of Piraeus Bank-Egypt, told NOOZZ on Tuesday that his bank would submit an application to the Capital Market Authority next week for licensing the Piraeus-Egypt Brokerage Company, which would be 100 percent owned by the bank.
The CMA requirement for the minimum capital of a brokerage firm amounts to LE 5 million.
Meanwhile, Moharram has reaffirmed that Piraeus Bank-Egypt has yet to take a final decision on a proposal to acquire the Alexandria Commercial & Maritime Bank. The Egyptian bank is currently offered for sale. Dubai-based Union National Bank is conducting due diligence assessment of Alexandria Commercial & Maritime Bank in preparation for a possible acquisition deal.
Piraeus-Egypt chief executive said the bank’s board members would meet next week to take a final decision on joining competition over the Egyptian bank.
Piraeus Bank in Egypt is the offshoot of the Greek Piraeus Bank Group’s acquisition earlier this year of the Egyptian Commercial Bank. Noozz