Prime Minister Mostafa Madbouly has denied rumors of the sale of Banque du Caire for $1 billion. He mentioned that the government’s public offering program is in progress, involving an advisor who is assessing the bank’s value to inform future steps regarding potential offers.
Egypt’s Prime Minister Mostafa Madbouly has dismissed rumors regarding the sale of Banque du Caire for approximately $1 billion. In an official statement, he emphasized the government’s ongoing public offering program, which also encompasses the United Bank. Currently, an advisor is conducting due diligence to evaluate the bank’s actual value. Based on these assessments, the next steps will involve decisions from the government and the Central Bank of Egypt (CBE) on potential offerings to strategic investors or through the stock market.
The denial of the Banque du Caire sale rumors by Prime Minister Madbouly highlights the government’s structured approach towards public offerings. This includes a strategic assessment of bank valuations that will guide future financial decisions, indicating a focus on careful planning in the banking sector.
Original Source: www.zawya.com
