Lebanon’s Bank Audi Is Said to Receive Interest in Egypt Unit

Bank Audi SAL received several expressions of interest to buy its Egyptian unit, according to an official from the bank, Bloomberg News reported. Lebanon’s biggest lender by assets held informal talks with institutions that are seeking to expand their operations in Egypt or enter in the north African country, the official said, asking not to be identified because the information isn’t public. Bank Audi hasn’t made a decision, the official said. Arabiya television was first to report that the bank plans to sell the unit as part of a restructuring. Lebanese lenders have tightened restrictions on the movement of capital as the Arab nation, one of the world’s most indebted, struggles with its worst economic crisis in decades. Read more

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