The Head of Banque Misr Confirms Sale of Stake in Banque du Caire to Foreign Investor

The head of Banque Misr, Mohamed El-Etribi, has announced that the bank’s ownership stake in Banque du Caire will be sold to a foreign investor by 2024 at the latest.

Plans to Close the Deal

In an interview with Cairo 24, Mohamed El-Etribi revealed that the sale of the stake in Banque du Caire to a strategic investor has been under consideration for some time. However, the bank is now focused on finalizing the deal as soon as possible. Banque du Caire has been included in the government’s investment company proposals, making it a desirable investment opportunity.

The 2023 Arab Banking Conference

Today, Mohamed El-Etribi inaugurated the first banking conference hosted by the Federation of Arab Banks in Saudi Arabia, known as the 2023 Arab Banking Conference. During the conference, El-Etribi highlighted the federation’s goal of expanding its network of offices and strengthening its role in economic development across Arab nations. The federation has already established a regional office in Saudi Arabia and signed an agreement with the Saudi Arabian government for its headquarters.

The Arab Banking Union’s Vision

Mohamed El-Etribi emphasized the Arab Banking Union’s commitment to supporting the banking sector in various Arab countries and contributing to economic development throughout the Arab world. He mentioned that the Arab Banking Union has become a key partner of the United Nations in achieving the Sustainable Development Goals. El-Etribi expressed his hope that the federation’s headquarters would serve as a bridge of communication between the Union’s member banks and the economic, financial, and monetary authorities of Saudi Arabia, ultimately contributing to the realization of the development vision.

Source: “Cairo 24”