Abu Dhabi Islamic Bank shortlisted to buy Citi's Egypt Operations

Abu Dhabi Islamic Bank said Sunday it has been shortlisted as a buyer for Citigroup 's Egypt retail business in what is set to be a heated battle to tap into one of the world's fastest growing economies. Mashreq and Emirates NBD are also reportedly bidding to buy Citi 's Egypt consumer banking network. Whoever wins this will have an advantage because Citibank has a good portfolio of clients, they have more than 100,000 credit cards, Tirad Al Mahmoud, ADIB's chief executive, said. Citi , which has also dropped its retail banking businesses in Turkey, Romania, Greece and Pakistan, has said it sees potential in other booming economies such as in Sub-Saharan Africa.