Emirates NBD, the largest bank in the UAE by deposits, has completed the acquisition of BNP Paribas SAE shares.
The $500m deal will transfer BNP Paribas’ 95.2% share of the Egyptian operation to Emirates NBD.
Emirates NBD will inherit 200,000 customers and a 68 unit strong branch network from BNP Paribas.
Rick Pudner, Group CEO of Emirates NBD, said: "Egypt is a key market in the Middle East and we are totally committed to serve the Egyptian economy and community. This acquisition represents a milestone opportunity for us to realize our strategic goal to be globally recognized as the most valued financial services provider based in the Middle East. We are confident that this acquisition will also underpin the potential opportunities that the Egyptian market offers."
BNP Paribas aim to continue to co-operate with Emirates NBD in a number of business areas such as trade finance, cash management and investment banking.