Prime Minister Madbouly Denies Banque du Caire Sale Rumors

Prime Minister Mostafa Madbouly denied rumors of Banque du Caire’s sale for $1 billion. He indicated that an advisor is assessing the bank’s value for potential future offerings either to strategic investors or through the stock market.

Prime Minister Mostafa Madbouly has officially refuted rumors regarding the sale of Banque du Caire, which was supposedly valued at $1 billion. In this statement, he addressed the government’s ongoing public offering program that involves both the United Bank and Banque du Caire. Currently, an advisory team is performing due diligence to evaluate the bank’s valuation. Subsequently, the Egyptian government, along with the Central Bank of Egypt (CBE), will decide on the method of offering shares—either to a strategic investor or through the stock market.

In conclusion, Prime Minister Madbouly has clarified the status of Banque du Caire amidst speculation of a sale, emphasizing that the government’s focus is on a thorough evaluation before making any decisions regarding potential investors or public offerings. This process highlights the government’s strategic planning concerning its banking sector.

Original Source: www.zawya.com