7.55 PM Friday, 8 December 2023
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:29 06:48 12:14 15:11 17:33 18:52
08 December 2023

Kuwait's Noor to bid for Banque du Caire

By Agencies


Kuwait's Noor Financial Investment Co will bid for Egypt's Banque du Caire, which the government is looking to sell for as much as $1.6 billion, a company executive said on Thursday.

The firm has been prequalified to bid for the stake, local newspaper Al Watan reported, citing managing director Naser Al Marri, adding that Commercial Bank of Kuwait was not part of its consortium.

Egyptian officials have said the government plans to sell as much as 80 per cent of the country's third-largest state bank by the end of April.

Noor also expects to begin operations of a Syrian Islamic bank with a capital of $200 million, in which it won a 35 per cent stake, before the end of the second quarter, Marri said.

Noor is the financial arm of Kuwait's National Industries Group Holding.

Marri could not immediately be reached for comment. (Reuters)