DIB denies report it is bidding for Egypt bank

Dubai: Dubai Islamic Bank (DIB) yesterday denied press reports that it is one of three financial institutions bidding for Egypt's National Development Bank.

Citing unnamed Egyptian banking sources, Arabic daily newspaper Al Bayan reported that DIB - along with a UAE-Gulf consortium and Saudi National Commercial Bank - had submitted a bid.

However, in a statement issued yesterday, DIB said the story was incorrect, without adding further information.

"Dubai Islamic Bank wishes to clarify that an article published today regarding a DIB acquisition in National Development Bank of Egypt (NBD) is incorrect," according to the statement.

"The news is totally untrue," said a Dubai Islamic Bank official, who asked not to be named. He said the bank was in no way involved in any such deal.

NBD said in March Egypt's central bank had approved an unspecified number of technical offers submitted by banks seeking to acquire it.

The bank had declined to offer details on the number and identities of institutions making the offers or the size of the stake sought.

Egypt's central bank has been seeking to reduce the government's stakes in the country's banks and consolidate smaller banks. Bank of Alexandria was the first of four big state-owned banks to be privatised last year.

- With inputs from Reuters