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Emirates NBD Bank PJSC and BNP Paribas SA Sign Agreement for the Sale of BNP Paribas Egypt for USD 500 Million


Wednesday, 19 Dec 2012 11:32pm EST 

Emirates NBD Bank PJSC and BNP Paribas SA (BNP Paribas) announced that they have signed a definitive agreement whereby BNP Paribas SA will sell its entire 95.2% stake in BNP Paribas Egypt SAE (BNP Paribas Egypt) to Emirates NBD Bank PJSC, subject to Central Bank of Egypt approval and other regulatory approvals in Egypt and the United Arab Emirates. Emirates NBD Bank PJSC will simultaneously offer to acquire the remaining 4.8% of BNP Paribas Egypt from its minority shareholders at the same price. The total consideration to be offered by Emirates NBD Bank PJSC for 100% of BNP Paribas Egypt under the transaction is USD 500 million. This represents a multiple of 1.6 times the book value as of September 2012. The transaction is expected to close by the end of the first quarter of 2013.