UAE banks pursuit Citibank Egypt

United Arab Emirates’ Abu Dhabi Islamic Bank-Egypt, al-Mashreq bank and Abu Dhabi National Bank are competing to buy Citibank Egypt’s consumer operation, financial sources said.

Citi has as many as 600,000 customers in Egypt with portfolios worth EGY 1.7 billion, according to the Egyptian press.

Citigroup said last week it would withdraw from consumer operations in Egypt, Hungary, Japan, Costa Rica, South Korea, El Salvador, Guatemala and the Czech Republic.