News
Banque Du Caire sale will be completed in June
|
The sale of Egypt’s Banque Du Caire will be completed by the end of June, Mohamed Barakat, Chairman of owner Banque Misr, has revealed. Five banks including the UAE’s Mashreq Bank, have registered an interest in taking control of the business. The others are Samba, the National Bank of Greece, Arab Bank and Standard Chartered Bank. Banque Misr, which is owned by the Egyptian government, is offering up to 67 per cent of Banque Du Caire. “I am sure that the sale of Banque Du Caire will be completed by the end of the current fiscal year on June 30,” said Barakat. He was speaking at an event held at the Rotana Beach hotel in Abu Dhabi to mark the opening of five branches of Banque Misr in the UAE — in the capital, Dubai, Al Ain, Sharjah and Ras Al Khaimah. He said the Egyptian government was keen to consolidate the presence of its country’s banking industry in the UAE through its financial establishments, including Banque Misr. “Banque Misr will endeavour to provide banking services that suit the UAE market,” he added. “The new branches will offer finance for huge projects and provide personal and car loans, saving accounts and money transfers.” He added that the Egyptian government did not intend to privatise Banque Misr or the National Bank of Egypt. Banque Misr is the first bank 100 per cent owned by the Egyptian government and has more than five million customers and 466 branches, including one each in Paris and Frankfurt.
|