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Mon 9 Apr 2007 08:28 PM

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UAE bank may buy Egypt lender

Abu Dhabi Islamic Bank has said it is considering buying Egypt's National Development Bank.

Abu Dhabi Islamic Bank, the Gulf's sixth-largest Islamic lender by market value, said on Monday it was considering buying Egypt's National Development Bank with Emirates International Investment Co.

The bank's board will meet on Tuesday to discuss the possible 100% joint acquisition, the lender said in a statement on the website of the Securities & Commodities Authority, the United Arab Emirates stock market regulator.

ADIB's Senior Vice President Amjad Younes told Reuters the bank and its partner were bidding in competition with unidentified Saudi lenders. The competition may be over by Friday, he said.

Emirates International is owned by the ruling family Abu Dhabi and the main shareholder of the Abu Dhabi Islamic Bank.

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