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Barclays, HSBC, and BNP consider bids for Bank of Alexandria - report

20th February 2006
By Staff Writer

UK banking groups HSBC and Barclays, and France's BNP Paribas, are currently contemplating possible bids for Egypt's Bank of Alexandria, according to The Business newspaper.

The newspaper claims Bank of Alexandria's head recently revealed plans to sell 20% of the bank on the stock exchange, 5 % to employees, and the rest to a strategic investor.

Although HSBC lost out on a bid for Egyptian American Bank in January 2006, the newspaper suggested that sources had pointed to HSBC as the most likely buyer.

The smallest of Egypt's state-owned banks, Bank of Alexandria is said to be valued at approximately E1.26 billion.

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