Citigroup Gets Bids From Emirates NBD, Mashreq in Egypt - Bloomberg

Citigroup Gets Bids From Emirates NBD, Mashreq in Egypt - Bloomberg:



"Emirates NBD PJSC (EMIRATES) and Mashreqbank PSC (MASQ), two Dubai-based lenders, are among banks seeking to acquire Citigroup Inc.’s (C) consumer-banking business in Egypt, according to four people with knowledge of the matter.




The two submitted offers in the first round of bidding, the people said, asking not to be identified because the process is private. The value of the bank’s portfolio in the Arab world’s most populous economy may be about $500 million, with a second round of bids to begin shortly, one of the people said.



Barclays Bank Plc, Commercial International Bank Egypt SAE and Bahrain’s Ahli United Bank BSC also bid for the assets, according to a report in Egypt’s Al Borsa newspaper today, which cited a person it didn’t identify."



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