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Banque Misr Confirms Sale of Banque du Caire Stake to Foreign Investor by 2024

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Banque Misr to Sell Stake in Banque du Caire to Foreign Investor by 2024

The head of Banque Misr, Mohamed El-Etribi, has confirmed that Banque Misr’s complete ownership stake in Banque du Caire will be sold to a foreign investor within a maximum timeframe of 2024.

Proposed Deal to Sell Stake in Banque du Caire

In an interview with Cairo 24, Mohamed El-Etrebi stated that the proposal to sell Banque Misr’s stake in Banque du Caire to a strategic investor has been under consideration for some time. However, the objective now is to expedite the deal’s closure as Banque du Caire has been included in the government’s investment company program.

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Arab Banking Conference 2023

Today, Mohamed El-Etrebi inaugurated the 2023 Arab Banking Conference, hosted by the Federation of Arab Banks in Saudi Arabia. He expressed the federation’s goal to expand their network of offices and enhance their developmental role across all Arab countries. Additionally, a memorandum of understanding was signed between the federation and the Saudi Arabian government regarding the federation’s headquarters.

Arab Banking Union’s Role in Economic Development

Mohamed El-Etrebi emphasized the Arab Banking Union’s commitment to supporting the banking sector in various Arab countries and becoming a key contributor to economic development throughout the Arab world. He mentioned the union’s partnership with the United Nations in achieving the Sustainable Development Goals. Furthermore, he expressed the union’s intention to utilize their headquarters as a communication bridge between the union’s member banks and the economic, financial, and monetary authorities of the Kingdom, aiming to contribute to the realization of the development vision.

Source: “Cairo 24”

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