CAIRO: The Central Bank of Egypt has given National Bank of Bahrain clearance to do a due diligence study on Egypt s Delta International Bank, the Egyptian stock exchange said in a statement. Similar statements in the past have been the prelude to takeover bids in the banking sector, which the government is trying to consolidate and restructure to eliminate large accumulations of non-performing loans. The stock exchange statement said that Delta International Bank shareholders were in negotiations to sell a controlling interest in the bank. It gave no further details. Cairo-based HC Brokerage said in a note that National Bank of Bahrain would conclude within days a deal to acquire 80 percent of Delta International. Delta International has been under restructuring for the past four years and has raised its capital to LE 500 million ($86.7 million), it added. Reuters
National Bank of Bahrain looking at Egyptian bank
