DUBAI, June 11 Emirates NBD, Dubai's
largest lender, has completed the acquisition of BNP Paribas'
Egyptian assets after receiving regulatory approval in
the North African country, the bank said in a statement on
In December, ENBD announced it had agreed to buy the
Egyptian business of BNP Paribas for $500 million in a first
step towards diversifying beyond its Dubai base.
The UAE bank is now awaiting the necessary approvals to buy
out the remaining minority shareholders in the Egyptian
business. Banque Misr and Banque du Caire Employee Insurance
Fund hold 4.8 percent, the statement added, without giving a
timeframe for the approval or a value.
(Reporting by Bernardo Vizcaino; Writing by David French;
Editing by Dinesh Nair)