Gulf banks are betting on Egypt despite anti-government protests continuing in several cities.
Hot on the heels of Qatar National Bank’s deal last week to buy Société Générale’s Egypt’s unit for $2bn, Dubai government-controlled Emirates NBD is looking to buy BNP Paribas’ Egyptian retail banking business, according to people familiar with the deal.
While most analysts agree that Egypt’s combination of large population and diversified economy means it is an appealing place to invest, few international buyers outside the oil-rich Gulf are willing to take the political risk involved.
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