Calyonhas acquired 100 per cent of shares in Egyptian American Bank (EAB)at a price of£E 45 ($7.80) a share, in a deal worth a total of£E 2,916 million ($508 million). Calyon beat off competition from HSBC for the purchase (MEED 16:12:05).

EAB was previously owned 33.8 per cent by Bank of Alexandria (BoA), 40.8 per cent by American Express Bankand the remainder by smaller investors. At the end of 2004, the bank had assets of£E 10,629 million ($1,852 million) and reported net profits of£E 240.5 million ($41.9 million).

Credit Suisse First Bostonadvised on EAB’s sale, which forms part of a wider process of unwinding the holdings of the country’s four largest state-owned banks ahead of their privatisation. Citigroupis advising on the sale of BoA (MEED 12:8:05).