Egypt Central Bank Initially Approves Piraeus Sale, Mal Says

Egypt’s Central Bank gave initial approval for the sale of Piraeus Bank SA’s Egypt business to Standard Chartered Plc (STAN) and will soon set a date for due diligence of the bank’s accounts, Al Mal reported without saying how it got the information.

Standard Chartered may acquire more than a 97 percent stake in the bank, the Cairo-based newspaper cited an unidentified official at the Greek bank as saying.