Dubai – Emirates NBD, Dubai’s largest bank by assets, has officially denied media reports suggesting that it is planning an acquisition in Egypt.
Recent reports claimed that the bank had initiated due diligence for acquiring a stake in Banque du Caire, Egypt’s sixth-largest commercial bank, as part of the country’s privatization efforts. However, Emirates NBD has clarified that these reports are untrue.
In a filing to the Dubai Financial Market (DFM) on Friday, the bank reaffirmed that while it regularly explores growth opportunities—both organic and inorganic—there have been no material developments requiring an official disclosure at this time.
"Should any material development occur, Emirates NBD will, of course, disclose it in line with its regulatory obligations," the statement read.
Emirates NBD has had a significant presence in Egypt since acquiring BNP Paribas Egypt in 2013. As of the end of 2024, the bank operates 67 branches and approximately 339 ATMs across the country, serving a broad customer base.
The bank reported strong financial growth in Egypt, with net profits reaching EGP 5.3 billion in 2024, a 64% increase from EGP 3.2 billion in 2023. Emirates NBD attributed this success to its commitment to providing innovative banking services and expanding its leadership position in the region.
Despite ongoing market speculation, the bank emphasized its commitment to regulatory transparency and assured that any significant business developments would be disclosed officially.
