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Piraeus Bank Egypt to seek further sales negotiations

Standard Chartered Bank will no longer be taking over Piraeus Bank Egypt.

29 November 2011

Standard Chartered Bank has pulled out of a deal to take over Piraeus Bank Egypt.

Various business negotiations took place between the two parties, but the former has decided not to pursue the agreement because of the worsening macroeconomic climate.

Because of this, Piraeus Bank Egypt may now be on the lookout for potential investors and so could require negotiation skills to make an arrangement stick.

The group has stated there has been contact with a number of different organisations, but these were not explored while consultations continued with Standard Chartered - which was formed in 1969 through the merger of two banks.

"Piraeus Bank intends to proceed, through a procedure to be announced, in exploring interest and initiating discussions with other interested parties," the company observed.

The firm went on to note that it still retains good liquidity and will continue to support all of its customers until an acquisition is agreed.

Posted by David Gleck

Source: Piraeus Bank Egypt press release, November 28th

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