Dubai bank ENBD to buy BNP Paribas' Egypt arm for $500 mln

Reuters Middle East20 December 2012

DUBAI, Dec 20 (Reuters) - Emirates NBD, Dubai's

largest lender, has agreed to buy a 95.2 percent stake in BNP

Paribas' Egyptian arm from the French bank in a deal

which values the entire business at $500 million.

ENBD, part-owned by the Dubai government, will make an

offer to minority shareholders for the remaining 4.8 percent

stake, the Dubai bank said in a statement on Thursday.

The deal is expected to close by the end of the first

quarter of 2013, pending regulatory approval.

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