{"id":565439,"date":"2021-04-08T13:50:25","date_gmt":"2021-04-08T13:50:25","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/08\/nbg-is-officially-saying-goodbye-to-egypt\/"},"modified":"2021-04-08T13:50:25","modified_gmt":"2021-04-08T13:50:25","slug":"nbg-is-officially-saying-goodbye-to-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/08\/nbg-is-officially-saying-goodbye-to-egypt\/","title":{"rendered":"NBG is officially saying goodbye to Egypt"},"content":{"rendered":"

<\/a> The National Bank of Greece (NBG) is set to terminate its activities in the <\/strong>Egyptian market<\/strong> after having submitted a formal request to the Central Bank of Egypt, according to Greek news outlet Business Daily<\/a>. NBG\u2019s decision comes after years<\/a> of unsuccessful attempts to divest its portfolio in Egypt, which includes 17 branches. Bank Audi had seemed set to conclude a sale<\/a> in early 2020, before the pandemic forced it and other Lebanese lenders to retrench as they faced challenges in their home markets.<\/p>\n

NBG is no longer looking to sell its portfolio here and instead has chosen to change its <\/strong>exit strategy<\/strong>, a senior official at the Central Bank of Egypt told us, speaking on condition they not be named. NBG had informed the CBE back in 2018 <\/strong>that it planned to leave Egypt.<\/p>\n

Central bank says it\u2019s business as usual: <\/strong>\u201cWe are aware that the National Bank of Greece has decided to close its branch network in Egypt. This decision has been years in the making as a result of fallout in Greece from the global financial crisis more than a decade ago. Egypt\u2019s banking system is not just sound, it is a vibrant one that has recently seen significant investor appetite when attractive assets have come on the market<\/strong>,\u201d the official said, referring to First Abu Dhabi\u2019s purchase of the Egyptian subsidiary of Bank Audi and the sale of Blom\u2019s Egypt subsidiary to Bahrain\u2019s Bank ABC. Both Lebanese banks chose to divest profitable subsidiaries in Egypt as their parent companies faced challenges in their home markets.<\/p>\n

By contrast, NBG in Egypt isn\u2019t a full subsidiary<\/strong>, as were Audi and Blom, but rather a branch of the Greek group. \u201cIn the meantime, the National Bank of Greece continues to operate in Egypt,\u201d the official said. \u201cThe exit process has not been finalized yet.\u201d<\/p>\n

Why did NBG decide to exit Egypt in the first place?<\/strong> The move was mandated by the bank\u2019s restructuring agreement with the European Commission after Greece\u2019s government debt crisis. NBG was required to scale back its overseas presence after it received state aid in the context of previous recapitalizations. Under the agreement, NBG has also proceeded with the sale of its subsidiaries in Romania and Turkey and is working to sell assets in Cyprus. Following the exit of Egypt, NBG\u2019s international operations will be limited to just two countries: Northern Macedonia and Malta.<\/p>\n","protected":false},"excerpt":{"rendered":"

The National Bank of Greece (NBG) is set to terminate its activities in the Egyptian market after having submitted a formal request to the Central Bank of Egypt, according to Greek news outlet Business Daily. NBG\u2019s decision comes after years of unsuccessful attempts to divest its portfolio in Egypt, which includes 17 branches. Bank Audi […]<\/p>\n","protected":false},"author":1,"featured_media":565440,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10125],"tags":[204,633,729],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-banking","tag-banking","tag-enterprisepm","tag-european-commission","wpautop","entry"],"acf":{"mongo_id":"72e8da57-bd67-43bc-af09-ca3b62637ed3","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/372.jpg","photo_position":"above","related_issue":[565434],"teaser":"","voice_url":""},"yoast_head":"\nNBG is officially saying goodbye to Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/08\/nbg-is-officially-saying-goodbye-to-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NBG is officially saying goodbye to Egypt\" \/>\n<meta property=\"og:description\" content=\"The National Bank of Greece (NBG) is set to terminate its activities in the Egyptian market after having submitted a formal request to the Central Bank of Egypt, according to Greek news outlet Business Daily. 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The Central Bank of Egypt is set to approve Bank Audi\u2019s planned acquisition of the National Bank of Greece\u2019s (NBG) operations in Egypt, an unnamed CBE source tells Masrawy. According to the source, the CBE is finalizing\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596601,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/02\/nbg-agrees-to-issue-eur-41-7-mn-loan-for-elsewedy-electric\/","url_meta":{"origin":565439,"position":4},"title":"NBG agrees to issue EUR 41.7 mn loan for Elsewedy Electric","author":"enterpriseam admin","date":"2 July 2019","format":false,"excerpt":"The National Bank of Greece has agreed to issue a EUR 41.7 mn loan for Elsewedy Electric, it said in a press release. The long-term facility will be used to partially finance Elsewedy\u2019s acquisition of four Greek renewable energy companies.","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597771,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/05\/bank-audi-to-acquire-nbgs-egypt-arm\/","url_meta":{"origin":565439,"position":5},"title":"Bank Audi to acquire NBG\u2019s Egypt arm","author":"enterpriseam admin","date":"5 May 2019","format":false,"excerpt":"M&A WATCH- Bank Audi to acquire NBG\u2019s Egypt arm: Bank Audi will acquire National Bank of Greece\u2019s Egypt arm, including a book of \u201cmostly of Egyptian-risk loans, deposits and securities (total assets of c. 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