Emirates NBD to Acquire Shares of Banque du Caire

(3 Minutes Read)

This is in line with economic reforms the Northern African country carried out, which secured a USD 8 billion loan from the International Monetary Fund (IMF) last year. However, the IMF recently stressed that more decisive reform implementation will be crucial for Egypt’s recovery.

Emirates NBD, the sixth-largest commercial bank in Egypt in asset terms, has initiated due diligence to acquire a stake in Banque du Caire. This potential purchase is part of Egypt’s ongoing efforts to privatise state-owned assets.

The sale of Banque du Caire would be the latest in a series of state asset sales, as Egypt aims to raise USD 2.5 billion during the 2024-25 fiscal year using the privatisation route. This is in line with economic reforms the Northern African country carried out, which secured a USD 8 billion loan from the International Monetary Fund (IMF) last year. However, the IMF recently stressed that more decisive reform implementation will be crucial for Egypt’s recovery.

Read Also:

https://trendsnafrica.com/imf-to-set-to-release-usd-1-2-billion-to-egypt-fourth-review-of-bailout-loan-complete/

Banque du Caire, owned by the state-run Banque Misr, holds assets of US9.4 billion (EGP 478 billion) as of September 30. Reports suggest that Banque Misr plans to sell a 45% stake in Banque du Caire for up to USD 1.2 billion, with additional shares potentially being listed on the Egyptian stock exchange. Sources say the deal could be finalised within six weeks.