Citigroup Egypt’s consumer banking arm receives bids from 10 banks

Citigroup's consumer banking unit in Egypt has received bids from ten banks.

Citigroup’s consumer banking unit in Egypt has received bids from ten banks, after the unit was put on sale in October last year.

The bidders reportedly include Emirates NBD, Mashreqbank, National Bank of Abu Dhabi, and Abu Dhabi Islamic Bank.

Barclays Bank, Commercial International Bank Egypt and Bahrain’s Ahli United Bank BSC reportedly submitted bid for the bank’s assets as well.

In October, the US-based lender announced its plans to exit consumer banking in 11 markets, including Egypt and Japan, in an effort to reduce costs.

The bank said that it wants to complete sales in these markets by the end of this year.