Emirates NBD, Dubai's largest bank, has emerged as the frontrunner to buy BNP Paribas' Egyptian retail business, three sources familiar with the matter said, in a deal likely to raise $400-500 million for the French lender.
BNP, France's biggest listed bank, put its retail banking business in Egypt on the block in June, seeking to shore up its capital base and exit non-core operations.
The sale attracted interest among large regional lenders including ENBD and Morocco's Attijariwafabank, which were looking to gain a foothold in Egypt.
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