Dubai government-owned Emirates NBD is planning to buy the assets of Bank Audi Egypt alongside the assets of Blom Bank, Daily News Egypt reported citing undisclosed sources.

The sources said: “The increased presence will occur after they complete their acquisition of Blom Bank Egypt, which is expected to be finalized in October.”

However, Bank Audi Egypt CEO and MD Mohamed Bedeir denied the talks stating that “there are no current negotiations with any party.”

Blom Bank Egypt, which is an Egyptian unit of Lebanon’s Blom Bank Group, also received takeover bids from First Abu Dhabi Bank (FAB).

Another source said that “Blom Bank will probably go with the NBD offer, which is already in its advanced stages.”

A potential acquisition of Blom Bank will bolster Emirates NBD’s branch network in the country to 110 branches, up from 40 existing branches.

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Sources added: “If all goes well, the bank plans to implement a restructuring plan, to handle the expansion, and capture a large market share in the Egyptian banking market, as well as expanding in non-banking financial services.”

Emirates NBD and Blom Bank rely on institutional deposits, representing 60% of NBD deposits, and 75% of Blom Bank.

A successful deal will add EGP56bn ($3.53bn) in institutional deposits to a total deposit portfolio of over EGP83.3bn as of 2019.

Earlier this month, Blom Bank said it was looking to sell its Egyptian subsidiary Blom Bank Egypt as the Central Bank of Egypt’s (CBE’s) gave its nod to start due diligence process.