Baker McKenzie advised Bank Audi S.A.E. (Egypt), a fully-owned subsidiary of Bank Audi sal, with respect to its agreement with the National Bank of Greece (NBG) on its acquisition of the banking operations of NBG's Egyptian Branch. The transaction is structured as a single sale and transfer of selected corporate and retail assets and liabilities pertaining to the Egyptian operations of the NBG including, among others, a network of 17 branches.
The completion of the transaction is pending the final approval of the Central Bank of Egypt and the Central Bank of Lebanon, in addition to other regulatory approvals.
The acquisition is aligned with Bank Audi's growth plan and is aimed to enhance its market position.
Baker McKenzie's cross-border team advising Bank Audi is being led by Mohamed Ghannam and Mohamed Barakat from the Firm's Cairo office, in addition to Gordon Low, Robert Gray and James Tanner from its London office.
"We are very pleased to represent Bank Audi on this important transaction. This acquisition enables our client to expand its reach within Egypt and continues our client's commitment and drive to service the Egyptian market”, said Baker McKenzie Partner Mohamed Ghannam.
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