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March 3, 2008

Noor considers acquiring Banque du Caire

by Richard Kilner

Story link: Noor considers acquiring Banque du Caire

Yesterday, Noor Financial Investment Co of Kuwait declared it was engaging in talks with possible partners in preparation for a bid for Egyptian bank Banque du Caire.

The Banque du Caire has been put on the market by the Egyptian government, who are keen for a sale to go through quickly.

Noor is not the only Kuwaiti firm interested, however. Commercial Bank of Kuwait is also considering putting forth an offer for the Banque du Caire, which is the third largest state-owned bank in Egypt.

The CBK’s chairman, Abdul Majeed Al Shatti, has stated that the bank may be interested in forming a partnership with others to acquire the bank, but did not give any details.

Nasser Al Merri, Noor’s managing director, explained that Egypt was one of the best emerging markets, with the combined factors of political stability, potential growth and demand creating an excellent prospect for the future.

Al Merri went on to say that Noor is looking to acquire up to 29% of the firm.

The Egyptian government wants to sell up to 67% of the Banque du Caire, and wants the sale to go through before the end of April.

On Sunday Egyptian newspaper Al Alam Al Youm reported that there have been a initial offers from a dozen banks.

 

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