Egypt's third largest public sector bank for sale
Wednesday, 11 July 2007
CAIRO, July 10 (AFP): Egypt agreed yesterday to offer 80 per cent of the country's third largest public sector bank, Banque du Caire, to a strategic investor, a cabinet spokesman told the news agency.
"Today the central bank agreed to sell off 80 per cent" of Banque du Caire, cabinet spokesman Magdy Radi said after a meeting attended by Prime Minister Ahmed Nazif, Central Bank governor Faruq al-Oqda and other ministers.
Nazif announced in September 2005 that Banque du Caire would merge with Banque Misr, the second largest bank, to strengthen both institutions. Monday's announcement was the first indication that it would be privatised instead.
"This is very surprising news. I am shocked," said Simon Kitchen, an economist with the Cairo-based CI Capital investment bank.
"Today the central bank agreed to sell off 80 per cent" of Banque du Caire, cabinet spokesman Magdy Radi said after a meeting attended by Prime Minister Ahmed Nazif, Central Bank governor Faruq al-Oqda and other ministers.
Nazif announced in September 2005 that Banque du Caire would merge with Banque Misr, the second largest bank, to strengthen both institutions. Monday's announcement was the first indication that it would be privatised instead.
"This is very surprising news. I am shocked," said Simon Kitchen, an economist with the Cairo-based CI Capital investment bank.