Banque du Caire privatisation nears

21 April 2008
The five banks shortlisted by the Egyptian government to buy a 51 per cent stake in Banque du Caire are to submit their final bids by 6 May, with the privatisation process expected to conclude by the end of June.

Banks that have been shortlisted to bid and allowed to conduct due diligence are Saudi Arabia’s Samba, the UK's Standard Chartered, a consortium of Jordan’s Arab Bank and Saudi Arabia’s Arab National Bank, National Bank of Greece, and the UAE’s Mashreq.

The shortlisted banks began due diligence in early March. Buyers will be able to buy between 51 per cent and 67 per cent of Egypt’s third largest lender. Twelve banks originally expressed an interest in acquiring Banque du Caire.

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