Prime Minister Madbouly Denies Sale Rumors of Banque du Caire

Prime Minister Mostafa Madbouly denied the sale of Banque du Caire for $1 billion. He highlighted ongoing evaluations concerning the bank’s value as part of the government’s public offering program. Decisions on potential share offerings will be made in conjunction with the Central Bank of Egypt.

Prime Minister Mostafa Madbouly has officially refuted rumors regarding the sale of Banque du Caire, which were speculated to be valued at $1 billion. He emphasized that the Egyptian government remains focused on its public offering program. This effort includes plans for both the United Bank and Banque du Caire.

Moreover, an advisor has been appointed to conduct a thorough assessment of the bank’s current valuation. Following this evaluation, the government, in collaboration with the Central Bank of Egypt (CBE), will decide whether to present the shares to a strategic investor or to list them on the stock market.

In conclusion, Prime Minister Mostafa Madbouly’s denial of the sale rumors highlights the ongoing evaluation of Banque du Caire as part of Egypt’s broader public offering strategy. The upcoming assessments will influence the future direction regarding the sale or listing of the bank’s shares.

Original Source: www.zawya.com