Prime Minister Mostafa Madbouly in the weekly press conference following the weekly cabinet meeting at the New Administrative Capital on Wednesday. Photo: Cabinet.
PM Madbouly said this during a press conference following the Wednesday cabinet meeting at the New Administrative Capital.
Madbouly clarified that the bank is now undergoing a due diligence process to assess its valuation based on its current financial standing and market conditions.
"Claims about selling the bank for billions are untrue. What is happening now is simply an evaluation to determine its current worth," he stressed.
Moreover, he explained that the bank is part of Egypt’s public offerings programme. Once the due diligence process is complete, the government, in coordination with the Central Bank of Egypt (CBE), will decide the percentage of shares to be offered — whether to a strategic investor or through a public offering on the stock exchange.
According to the Egyptian cabinet, an independent financial advisor is now conducting a due diligence assessment of Banque du Caire to determine its market value.
Furthermore, Madbouly dismissed reports of the bank being valued at $1 billion or having been previously assessed at a higher value, affirming that such claims are entirely baseless.
The prime minister also emphasized that this process is being carried out with full transparency.
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