In order to gain full control of the business, the lender is waiting for regulatory approval to acquire remaining 4.8% stake from its minorities shareholders, including Bank Misr and Banque du Caire Employee Insurance Fund.
The deal, which was initially signed in December 2012, will strengthen Emirates NBD presence in retail and corporate banking beyond the domestic market, by leveraging BNP Paribas Egypt regional corporate client base and market-leading retail banking model.
Commenting on the deal, Emirates NBD Group CEO Rick Pudner 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."
Post acquisition, the UAE lender will manage 68 branch offices and will serve a client base of over 200,000 customers, 3,000 corporate and 700 financial institutions.
Following the closing of the transaction, both firms have agreed to collaborate in various business areas such as trade finance, cash management and corporate and investment banking.
Offering corporate banking, retail banking and wealth management services, the bank operates in Saudi Arabia, Qatar, the UK, Singapore and Jersey (Channel Islands), and has representative offices in India and China.
