Affiliated banks consider upping stake in Misr-Iran Bank
Bank Melli Iran and Bank of Industry and Mines are considering acquiring the remaining 79.64 percent of Cairo-based Misr-Iran Development Bank, presently held by Bank of Alexandria and Misr Insurance Company, reported MEED. The two banks already hold 10.27 percent of Misr-Iran Bank, and if the deal comes to pass their stake will increase to 89.9 percent.
Farouk Nasser, head of the International Development Consultants — acting on behalf of the two banks—confirmed that his clients' bid was the only one that had been offered to date. Final proposals will be accepted until September 11.
The MEED report noted that a French bank, Credit Agricole, would not participate in the tender, even though its representatives have been quoted as describing Misr-Iran as a "good bank." — (Albawaba-MEBG)
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