Credit Agricole and its Egyptian partner El Mansour & El Maghraby Investment and Development (MMID) have signed an agreement with Bank of Alexandria and American Express to buy the 74.6% they jointly own in Egyptian American Bank.
Credit Agricole is to acquire 75% of these shares and MMID 25%. Egyptian American Bank is the country’s third largest private retail bank with 36 outlets and a market share of around 2%.
It employs around 1,200 staff and services around 100,000 retail customers, together with some 800 institutional and corporate clients. Egyptian American’s operations will be combined with Credit Agricole and MMID’s existing business, Calyon Bank Egypt, in a bid to create a leading player in Egyptian retail and corporate banking.
The deal values Egyptian American Bank at $505 million.