Expected change in banks map Egyptian market – ZAWYA

Expected change in banks map Egyptian market – ZAWYA

It seems that the Egyptian market is on a date with strong changes in the map of the banks operating in it during the coming period.. The new banking law requires local banks to increase their paid-up capital to EGP 5bn, and increase foreign bank branches to $150m.. Bank Audi - Egypt is considered the most prominent candidate for exiting from the Egyptian market soon, due to the impact of the crisis experienced by the "parent" Bank in Lebanon, and its sudden decision to sell its unit in Egypt.. The first Abu Dhabi Bank has already started conducting a due diligence report of Bank Audi - Egypt after obtaining the approval of the CBE, which comes within the framework of the bank's plan to expand in the Egyptian market significantly during the coming period.. Ahli United Bank (AUB) may also join the banks' exodus from the Egyptian market, after the parent bank converted into a fully Islamic bank after Kuwait Finance House's acquisition of it.. Sources close to Al-Ahli United Bank - Egypt (AUB) said that the bank may look to sell its unit in Egypt to one of the other banks, pointing out that the KFH is an Islamic