Standard Chartered eyes Piraeus Bank's Egyptian unit

15th Jul 2011 11:15

Standard Chartered confirmed that it has submitted a request to the Central Bank of Egypt to conduct its due diligence into the operations of Greece-based Piraeus Bank's Egyptian unit, indicating that it may consider acquiring the business.The Asian markets-focused banking group's confirmation followed Piraeus's announcement that Standard Chartered had indicated an interest in buying the shares of Piraeus Bank Egypt. Piraeus has a 98% stake in the Egyptian bank. In its press release, Standard Chartered said it does not expect the transaction to have a material financial impact and cautioned that, "There can be no certainty as to whether any agreement will be reached between Standard Chartered PLC and Piraeus Bank S.A."Shares of Standard Chartered rose 0.9% to 1,620p in mid-morning trading in London.AR