Egypt's Banque Du Caire Auction Cancelled

June 2008 | Privatisation News Alert

The sale of a 67% stake of Egypt's third-largest bank was cancelled on June 25. Banque du Caire Chairman Mohamed Barakat said 'the bids we received were below the valuation of the bank.' Bidding took place on June 24, with the National Bank of Greece, Mashreqbank of the United Arab Emirates, Standard Chartered Bank, Samba Financial Group and a consortium of Jordan's Arab Bank and Saudi's Watany Arab Bank bidding for the bank. The values of the bids were not disclosed.

If you would like to subscribe to Corporate Financing Week and gain instant access to this article, please click here to subscribe.

If you would like to take a trial to Corporate Financing Week please click on the trial link below.