Banque Du Caire seeks adviser
A financial adviser for the planned sale of an 80 per cent stake of Banque Du Caire will be appointed before the end of August, according to Mohammed Kafafi, vice-chairman at the bank.Bidders have until 1 August to submit proposals. The successful bidder will advise on the sale strategy, propose a valuation and manage the sale process.The bank will also send offer letters for the legal advisory contract to local law firms before the end of July.The deadline for bids is 7 August. The sale is due be concluded in the first quarter of 2008. Banque Du Caire holds about 6.3 per cent of the total assets of the Egyptian banking system (MEED 10:7:07).
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