The Egyptian government is reassessing Banque du Caire’s valuation to reflect its current financial status, as announced by Prime Minister Moustafa Madbouly. This process aims to determine the volume of the bank to be sold and ensures transparency in the privatization efforts, which also includes The United Bank. Madbouly has dismissed inflated valuation claims regarding the bank.
The Egyptian government has initiated a new valuation of Banque du Caire, as announced by Prime Minister Moustafa Madbouly during a weekly press conference. This decision arises from the recognition that previous evaluations of the bank are now outdated, highlighting the necessity for an updated assessment that accurately reflects its current financial status.
The reassessment aims to clarify the percentage of Banque du Caire to be sold, potentially to a strategic investor or via public stock market offering. Prime Minister Madbouly assured that this evaluation process will maintain full transparency, thereby assisting both the government and the Central Bank of Egypt in making well-informed decisions regarding the sale.
Furthermore, Madbouly indicated that the privatization plan encompasses the offerings of both The United Bank and Banque du Caire. He also refuted recent claims suggesting that Banque du Caire had been valued in excess of $1 billion, asserting that such estimates are completely incorrect.
In summary, the Egyptian government’s reassessment of Banque du Caire’s value is a strategic move aimed at ensuring accurate valuations for potential sale opportunities. This move is part of a broader privatization effort that includes additional banks, with a commitment to transparency in financial dealings. Such steps will facilitate better decision-making by the government and regulatory bodies.
Original Source: www.egypttoday.com
