Final offers were tabled by the end of October for a controlling stake in Misr America International Bank (MAIB). It is understood that Credit Agricole Indosuez (CAI), Standard Chartered Bank, ABN AMRO and a consortium led by National Bank of Kuwait are the bidders.

'We have placed a bid but, in the absence of any advising bank, it is difficult to know what criteria will be used in the assessment process,' says Henri Guillemin, senior vice-president for the Middle East at CAI. 'Also, we don't know when any announcement will be made.' He says that he expects a period of at least one month to be set aside for due diligence to be completed.

Guillemin says that if its bid for MAIB is unsuccessful, CAI would be likely to bid for a stake in Misr Iran Development Bank (MIDB) which is expected to present the next opportunity for international banks to enter the Egyptian market. 'We are definitely committed to having a presence in Egypt as it's an interesting market,' says Guillemin. 'But not at any price.' CAI was the second bidder, behind Arab Banking Corporation, for a controlling stake in Egypt Arab African Bank sold in late September (MEED 15:10:99).

It is understood that EFG-Hermes has been selected for the mandate to act as financial adviser on the MIDB sale. 'We would like there to be a clearer process in the MIDB sale,' says Guillemin.