Egypt Government Initiates New Valuation of Banque du Caire Ahead…

The Egyptian government has begun a reassessment of Banque du Caire’s value to accurately reflect its financial situation. Prime Minister Moustafa Madbouly emphasized the importance of transparency in this process. This valuation will influence the decision on selling the bank, either to a strategic investor or through a public offering. Reports of a $1 billion valuation were dismissed as inaccurate.

The Egyptian government has initiated a new valuation process for Banque du Caire, Prime Minister Moustafa Madbouly disclosed during a weekly press conference. The Prime Minister highlighted that the previous assessment is outdated, prompting the need for a reassessment to accurately reflect the bank’s current financial condition.

This updated evaluation will inform decisions regarding the potential sale of the bank, whether to a strategic investor or via a public listing. Madbouly assured that this process is transparent, providing necessary guidance to both the government and the Central Bank of Egypt for sound decision-making.

Furthermore, Prime Minister Madbouly reiterated that the ongoing privatization program encompasses not just Banque du Caire, but also The United Bank. He also addressed recent speculations regarding the bank’s valuation, firmly stating that claims of it being valued at $1 billion or more are grossly inaccurate.

In summary, the Egyptian government aims to reassess the value of Banque du Caire to ensure an informed decision-making process regarding its potential sale. With an emphasis on transparency, this evaluation will guide both the government and the Central Bank of Egypt, alleviating misconceptions surrounding the bank’s valuation and confirming its integration into the broader privatization initiative.

Original Source: www.egypttoday.com