Abu Dhabi Islamic Bank (ADIB) and Mashreq have reportedly been shortlisted as a buyer for Egyptian consumer banking operations of Citigroup.
ADIB chief executive Tirad Al Mahmoud told The National, "We have been shortlisted with a few other banks. It’s a competitive bid. It’s going to be a very aggressive situation.
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"Whoever wins this will have an advantage because Citibank has a good portfolio of clients, they have more than 100,000 credit cards," he added.
ADIB and Mashreq are eager to foray into Egypt, the Arab world’s most populous nation, to develop their businesses as their overcrowded home market will slow this year amid the drop in oil prices.
"Egypt is a no-brainer expansion because there are not that many other places left for expansion in the Arab world," Abdul Aziz Al Ghurair, Mashreq’s chief executive, told The National.
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