Dubai’s biggest bank says in due diligence on Egyptian deal

Dubai’s biggest bank says in due diligence on Egyptian deal

Dubai's biggest bank said on Tuesday it is carrying out due diligence on a possible acquisition of the Egyptian operations of Lebanon's BLOM Bank.

Emirates NBD said in a filing to Dubai Financial Market that there was "no certainty" that a deal will be completed but talks are continuing with BLOM Bank.

In a short statement, the Dubai-based lender said: "Due diligence is still ongoing and there is no certainty that any transaction  will be completed. Emirates NBD routinely evaluates potential     opportunities in different markets and a further announcement will only be made if there is a material development."

In August, Emirates NBD said it had started preliminary talks to buy the Egyptian unit of Lebanese lender Blom Bank after the Beirut port explosion forced the company to review its strategy.

Blom