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Arab National says Banque du Caire Bid Due in May - ASHARQ AL-AWSAT English Archive
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DUBAI, (Reuters) – A consortium of Saudi Arabia’s Arab National Bank and its Jordanian affiliate Arab Bank Group said on Monday it expected to submit its final bid to buy up to 67 percent of Banque du Caire during May.

The consortium is competing with four other lenders to buy between 51 and 67 percent of the Egyptian bank, Arab National said in a statement on the Saudi bourse Web site.

Egyptian state news agency MENA said on March 6 it had given a shortlist of five potential buyers a green light to conduct due-diligence studies on the state-owned lender.

Other banks vying for the stake are UK-based Standard Chartered Plc, Saudi Arabia’s Samba Financial Group 1090.SE, National Bank of Greece SA and Dubai’s Mashreqbank.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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