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Five parties eye Egypt arm of Greece's Piraeus Bank: sources - Daily News Egypt

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Five parties eye Egypt arm of Greece’s Piraeus Bank: sources

By Dinesh Nair and David French / Reuters DUBAI: The sale of the Egyptian arm of Greece’s Piraeus Bank, valued at over $200 million, has attracted five potential bidders from the Middle East and North Africa region, two sources told Reuters on Thursday. Talks are actively ongoing but a sale was not regarded as imminent, one …


By Dinesh Nair and David French / Reuters

DUBAI: The sale of the Egyptian arm of Greece’s Piraeus Bank, valued at over $200 million, has attracted five potential bidders from the Middle East and North Africa region, two sources told Reuters on Thursday.

Talks are actively ongoing but a sale was not regarded as imminent, one of the sources said, speaking on condition of anonymity as the negotiations are private.

Piraeus, Greece’s fourth-largest lender, has been looking to offload the business to help raise cash as it grapples with the country’s sovereign debt-fuelled economic crisis.

Talks to sell the unit to Standard Chartered failed in November after the London-listed lender withdrew its interest, citing a worsening economic climate in crisis-hit Egypt.

Piraeus appointed Barclays Capital in December to arrange the sale.

 

 

Topics: Piraeus Bank

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https://www.dailynewsegypt.com/2012/04/05/five-parties-eye-egypt-arm-of-greeces-piraeus-bank-sources/
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