Banque Misr receives offers for Samba stake

23 May 2011

Mohammad Abbas Fayed, chairman of Egypt's state-owned Banque Misr, has said the lender has turned down offers from several Saudi businessmen to buy the bank's 2% share in Samba Financial Group, Saudi Arabia's second-largest lender by market value, Arabic Asharq al-Awsat has reported. The Samba stake was last valued at more than EGP5bn ($840 million) four years ago, the daily said.

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