The Egyptian government has initiated a new valuation of Banque du Caire to reflect its current financial standing prior to a potential stake sale. Prime Minister Moustafa Madbouly emphasized transparency in the process while dismissing inflated valuation claims. This initiative is part of the government’s broader privatization program, which includes The United Bank.
The Egyptian government, led by Prime Minister Moustafa Madbouly, has engaged an advisor for a new valuation of Banque du Caire. This decision was announced during a weekly press conference, highlighting that the previous evaluation had become outdated and did not accurately reflect the bank’s current financial situation.
The forthcoming assessment aims to delineate the portion of the bank to be sold, either to a strategic investor or through a public stock market offering. Madbouly underscored the importance of transparency in this process, which will aid the government and the Central Bank of Egypt in their decision-making.
Furthermore, he affirmed that the privatization initiative will also encompass the sale of The United Bank alongside Banque du Caire. Madbouly dismissed claims suggesting that the bank was valued at $1 billion or more, labeling such figures as completely inaccurate.
In conclusion, the reassessment of Banque du Caire’s value is a strategic move by the Egyptian government to ensure transparency and informed decision-making ahead of the potential stake sale. This initiative, part of a broader privatization program, emphasizes the need for updated evaluations within the banking sector.
Original Source: www.egypttoday.com
