Business | Banking

Egypt plans to sell major stake in Banque du Caire

Banque Misr shortlists Arab Bank, Samba, mashreq, First National of Greece and Standard Chartered to conduct due diligence.

  • By Himendra Mohan Kumar, Staff Reporter
  • Published: 21:36 March 24, 2008
  • Gulf News

Abu Dhabi: Egypt plans to sell up to 67 per cent stake in Banque du Caire and five foreign banks have technically been shortlisted to do due diligence, Mohammad Kamal Al Din Barakat, chairman of one of the largest Egyptian banks by assets, Banque Misr, said on Monday.

State-owned Banque Misr acquired the state-owned Banque du Caire about a year ago on book value after there were problems related to its portfolio.

"Now, after we acquired the bank, its portfolio is clean. The banks that have been shortlisted to do due diligence are mashreq, Arab Bank, Samba Bank, First National Bank of Greece and Standard Chartered Bank," Barakat told Gulf News.

He, however, gave no time frame on when the majority stake holding in the Banque du Caire would be sold.

Banque Misr acquired five Banque du Caire branches in the UAE. The branches acquired are Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah and Al Ain.

"In the UAE, we want to develop new products to meet the requirements of the market. The new information technology system will tie up these branches with our network in Egypt," said Barakat.

He said Banque Misr's acquisition of the UAE branches reflects the bank's "comprehensive plan to expand its geographical spread".

Banque Misr, has around 18 per cent of Egypt's total banking assets under its management and has 460 branches within Egypt.

Banque Misr was established 88 years ago by economist Mohammad Talaat Harb Pasha as the first bank fully owned by Egyptians.

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