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Five parties eye Egypt arm of Greece's Piraeus Bank - sources
April 5, 2012 / 11:14 AM / 6 years ago

Five parties eye Egypt arm of Greece's Piraeus Bank - sources

DUBAI, April 5 (Reuters) - The sale of the Egyptian arm of Greece’s Piraeus Bank, valued at over $200 million, has attracted five potential bidders from the Middle East and North Africa region, two sources told Reuters on Thursday.

Talks are actively ongoing but a sale was not regarded as imminent, one of the sources said, speaking on condition of anonymity as the negotiations are private.

Piraeus, Greece’s fourth-largest lender, has been looking to offload the business to help raise cash as it grapples with the country’s sovereign debt-fuelled economic crisis.

Talks to sell the unit to Standard Chartered failed in November after the London-listed lender withdrew its interest, citing a worsening economic climate in crisis-hit Egypt.

Piraeus appointed Barclays Capital in December to arrange the sale. (Reporting by Dinesh Nair; Writing by David French; Editing by Praveen Menon)

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