{"id":594357,"date":"2019-10-28T04:07:21","date_gmt":"2019-10-28T04:07:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/28\/is-nbg-egypts-unresolved-pay-disputes-with-its-staff-threatening-its-acquisition-by-bank-audi\/"},"modified":"2019-10-28T04:07:21","modified_gmt":"2019-10-28T04:07:21","slug":"is-nbg-egypts-unresolved-pay-disputes-with-its-staff-threatening-its-acquisition-by-bank-audi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/28\/is-nbg-egypts-unresolved-pay-disputes-with-its-staff-threatening-its-acquisition-by-bank-audi\/","title":{"rendered":"Is NBG Egypt\u2019s unresolved pay disputes with its staff threatening its acquisition by Bank Audi?"},"content":{"rendered":"

<\/a> M&A WATCH- Are NBG\u2019s unresolved pay disputes with its staff threatening its acquisition by Bank Audi?<\/b> The National Bank of Greece (NBG) is still to resolve a disagreement with its staff over its pending sale to Bank Audi, which is threatening to stall the acquisition, sources with knowledge of the matter told the local press<\/a>.<\/p>\n

What\u2019s going on? <\/b>NBG employees are alleging the changes are tantamount to wrongful termination and invoking article 122 of the labour law (pdf)<\/a>, claiming the bank must pay them the equivalent of severance (two months\u2019 salary for each year they have worked at the company) before NBG is sold to Bank Audi. The CBE has reportedly made its sign-off on the transaction contingent on the resolution of the dispute. NBG asked the central bank for a grace period<\/a> until the end of October to reach an agreement with its staff.<\/p>\n

NBG\u2019s legal advisor says nobody\u2019s losing jobs or pay:<\/b> Matouk Bassiouny, which is acting as NBG\u2019s legal counsel on the transaction, explained in a memo to NBG staff yesterday that the current staff\u2019s jobs are safe \u2014 with no change in salary \u2014 and that only employees who choose not to accept transfers to Bank Audi on conclusion of the sale would be eligible to receive buyouts, according to Al Mal<\/a>.<\/p>\n

CBE to intervene?<\/b> If things aren\u2019t smoothed over \u2014 by the end of October, we imagine \u2014 the CBE could intervene in the dispute, the sources said.<\/p>\n

Background:<\/b> NBG had decided to exit the market last year as part of a wider plan to reduce its overseas presence under an EU-supervised restructuring. Bank Audi had announced it will acquire NBG's Egypt arm<\/a>, including a book of \u201cmostly of Egyptian-risk loans, deposits and securities (total assets of c. EUR 110 mn), a branch network of 17 branches and c. 250 employees,\u201d and has been awaiting CBE's approval to complete the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- Are NBG\u2019s unresolved pay disputes with its staff threatening its acquisition by Bank Audi? The National Bank of Greece (NBG) is still to resolve a disagreement with its staff over its pending sale to Bank Audi, which is threatening to stall the acquisition, sources with knowledge of the matter told the local press. 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diligence for NBG Egypt bid by month-end: Bank Audi will complete by the end of the month due diligence on the Egypt subsidiary of National Bank of Greece (NBG) ahead of a planned acquisition of its assets and portfolio, unnamed sources told Reuters.\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":600199,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/22\/central-bank-of-egypt-approves-bank-audi-request-to-begin-due-diligence-on-nbg\/","url_meta":{"origin":594357,"position":1},"title":"Central Bank of Egypt approves Bank Audi request to begin due diligence on NBG","author":"enterpriseam admin","date":"22 January 2019","format":false,"excerpt":"M&A WATCH- CBE greenlights Bank Audi due diligence on NBG: The central bank given Bank Audi the go-ahead to do due diligence on the potential acquisition of the National Bank of Greece\u2019s (NBG) assets in Egypt, CBE Deputy Governor Gamal Negm told Masrawy. 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NBG was\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":602322,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/25\/bank-audi-to-make-bid-for-nbgs-egypt-arm-within-a-week\/","url_meta":{"origin":594357,"position":3},"title":"Bank Audi to make bid for NBG\u2019s Egypt arm within a week","author":"enterpriseam admin","date":"25 March 2019","format":false,"excerpt":"M&A WATCH- Bank Audi to make bid for NBG\u2019s Egypt arm within a week: Bank Audi has completed due diligence on the Egyptian unit of the National Bank of Greece (NBG) and is planning to make a bid within a week, Al Shorouk reports. The Central Bank of Egypt had\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":592827,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/07\/the-central-bank-of-egypt-is-officially-intervening-in-the-dying-nbg-bank-audi-acquisition\/","url_meta":{"origin":594357,"position":4},"title":"The Central Bank of Egypt is officially intervening in the dying NBG-Bank Audi acquisition","author":"enterpriseam admin","date":"7 November 2019","format":false,"excerpt":"M&A WATCH- The CBE is officially intervening in the NBG-Bank Audi acquisition as deadline to resolve employee dispute expires: Officials from the Central Bank of Egypt (CBE) meet next week with executives from Bank Audi and the National Bank of Greece (NBG) in a bid to resolve an employee compensation\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\/2020\/1\/587.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594138,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/21\/nbg-asks-cbe-for-more-time-for-bank-audi-acquisition-approval-amid-employee-dispute\/","url_meta":{"origin":594357,"position":5},"title":"NBG asks CBE for more time for Bank Audi acquisition approval amid employee dispute","author":"enterpriseam admin","date":"21 October 2019","format":false,"excerpt":"M&A WATCH- NBG needs more time to soften things up with its staff before Bank Audi acquisition can get the go-ahead. The National Bank of Greece (NBG) has asked the Central Bank of Egypt (CBE) for a grace period until the end of October to resolve a disagreement with employees\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/594357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=594357"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/594357\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/594352"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/594358"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=594357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=594357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=594357"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=594357"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=594357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}