Mashreq may swoop for Egypt lender

UAE-based Mashreqbank is considering bidding for Egypt's state-owned Banque du Caire as part of plans to expand in the most populous Arab country, Egypt's daily Al Alam Al-Youm reported on Sunday.

Egypt is privatising Banque du Caire and has said it expects to raise more than $1.6 billion for the bank in an auction.

"The management of Mashreqbank is studying competing strongly for Banque du Caire," Mohamed Badra, head of Mashreqbank's Egyptian operations, was quoted as saying.

The paper did not say how much the bank might bid.

Egyptian officials have said the government plans to sell up to 80% of the bank by end-April.

Egypt has shortlisted five firms to advise on the sale of the bank and would announce a winner at the end of the month, Al Alam Al-Youm also reported.

A group led by Mashreqbank last year made an unsuccessful bid for Egypt's state-owned Bank of Alexandria. Mashreqbank chief executive Abdul Aziz Al-Ghurair said in March the lender was considering other targets in Egypt.

Mashreqbank said in May it had approval from Egyptian and Emirati regulators to open 10 branches in Egypt.

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