Dubai's Mashreq interested in Citigroup's Egypt retail business

January 18
6:23 AM 2015

Mashreq, Dubai's third-biggest lender by assets, is interested in acquiring Citigroup's Egyptian retail business, Mashreq's chief executive said on Sunday.

The bank is holding talks with Citi on the matter, Abdul Aziz al-Ghurair told reporters.

Mashreq, which already has 10 branches in Egypt, was one of 10 bidders for the U.S. bank's consumer banking business in Egypt, sources told Reuters last week.

The Dubai bank is aiming for six to 10 percent net profit growth in 2015, Ghurair said. The bank said earlier on Sunday that its net profit for 2014 rose 33 percent to 2.40 billion dirhams ($653 million).

The bank is also targeting 5 to 8 percent loan growth in 2015, Ghurair added.

He said Mashreq planned to issue a $500 million Tier 2 capital-boosting bond, subject to shareholder approval.

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