Interest in Banque du Caire

The Central Bank of Egypt ANNOUNCED that five banks have been selected to participate in the due Cairo.

With up to 67% of the bank up for grabs, regional and international players have lined up for a slice of the action. The five banks include. The National Bank of Greece(Greece), Standard Charter Bank (British), Samba Bank(Saudi Arabia), Mashreq Bank (UAE)and a Consortium formed by Jordan’s Arab Bank and the Saudi Watany Arab Bank.

Each will present a letter of guarantee valued at $75 million (LE 405 million) as well as a plan for revitalizing the bank, and sources of financing and shareholder structure.

Banque du Caire is the second state-owned bank up for sale. Since the announcement of cabinet’s intention to sell a stake in the bank, public opinion has been at odds with decision, resulting in an attempt by left-wing political figures to collect money from the public to place a bid on the bank.