Leading international law firm, Freshfields Bruckhaus Deringer has advised UAE banking group Emirates NBD on its acquisition of a 95.2% stake in BNP Paribas Egypt. In line with Emirates NBD’s plans for regional expansion, the deal will greatly expand the bank’s corporate and retail offering and give it a strategic presence in the key Egyptian banking market.
As part of the deal Emirates NBD will also seek to acquire the outstanding 4.8% of BNP Paribas Egypt from independent shareholders bringing the total value of the deal to US$500 million. The deal is subject to Central Bank of Egypt and other regulatory bodies’ approval.
The Freshfields team was led by partner Pervez Akhtar supported by corporate partner Michael Hilton and counsel Zeid Hanania in the firm’s Dubai office. London based partner David Taylor advised on tax issues.
Pervez commented, “This is a strategically important deal for Emirates NBD one of the leading banking groups in the region. Our work assisting the bank represents another example of the cross-border M&A capabilities of the Freshfields MENA corporate team and our ability to provide first-rate advice to financial institutions on their most important mandates. Our international team has unrivalled experience and insight in deals of this nature, a factor that has been critical to the ongoing growth and strength of our offering across the MENA region.”
