Egyptian Bank’s Profit Grows Substantially: Egyptian PM

(3 Minutes Read)

Madbouly clarified that the government had previously announced a privatisation program, which includes the planned offering of two banks: The United Bank and Banque du Caire. He refuted claims that the bank had been valued at USD 1 billion or that it was previously assessed at a higher value, calling such statements completely inaccurate.

The Egyptian government has appointed an advisor to reassess the value of Banque du Caire, Prime Minister Moustafa Madb said.  He emphasized that the bank’s previous valuation is now outdated, and a new assessment is currently underway.

Madbouly explained that the ongoing evaluation reflects the bank’s current position, taking into account the time elapsed since the previous valuation.

 This updated assessment will guide the government and the Central Bank of Egypt in deciding the percentage of the bank to be offered—whether to a strategic investor or through a stock market listing. He stressed that this process is being carried out transparently.

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 Madbouly clarified that the government had previously announced a privatisation program, which includes the planned offering of two banks: The United Bank and Banque du Caire. He refuted claims that the bank had been valued at USD 1 billion or that it was previously assessed at a higher value, calling such statements completely inaccurate.