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11 December 2023

‘Banque du Caire bid due in May’

By Agencies


A consortium of Saudi Arabia's Arab National Bank and its Jordanian affiliate Arab Bank Group said on Monday it expected to submit its final bid to buy up to 67 per cent of Banque du Caire during May.

The consortium is competing with four other lenders to buy between 51 and 67 per cent of the Egyptian bank, Arab National said in a statement on the Saudi bourse website.

Egyptian state news agency MENA said on March 6 it had given a shortlist of five potential buyers a green light to conduct due-diligence studies on the state-owned lender.

Other banks vying for the stake are UK-based Standard Chartered Plc, Saudi Arabia's Samba Financial Group, National Bank of Greece SA; and Dubai's Mashreqbank. (Reuters)