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19th July 2011

StanChart may buy Piraeus Bank Egypt

Standard Chartered has confirmed an interest in purchasing Piraeus Bank Egypt S.A.E. It emphasises that discussions are at an early stage, with it having applied to the Egyptian Central bank in order to carry out due diligence, but not yet having received permission.


The bank warns there is no certainty of a deal, but should one occur it states "The financial impact of any transaction is not expected to be material for Standard Chartered PLC".