Mashreq still keen on Banque du Caire purchase

EGYPTIAN EXPANSION: Dubai's Mashreq bank is still interested in buying Egypt's government-controlled Banque du Caire. (ITP Images)

Dubai's Mashreq bank is still interested in buying Egypt's government-controlled Banque du Caire even though its initial offer was rejected and the sale cancelled, Mashreq's chief executive has revealed

Mashreq CEO Abdul Aziz Al-Ghurair said his bank still wished to expand in Egypt and was waiting for authorities to come back with a new asking price, UAE daily Emirates Business reported on Thursday.

Egypt cancelled the auction of a stake in its third-largest bank in June saying bids were too low, rejecting a National Bank of Greece offer valuing it at $2.025 billion.

The government planned to sell up to 67 percent of Banque du Caire in Egypt's largest bank privatisation since it sold 80 percent of Bank of Alexandria in 2006.

Banque du Caire, with total assets of 50.1 billion Egyptian pounds ($9.36 billion) a year ago, is larger than Bank of Alexandria. (Reuters)

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