Three Banks Submit Bids for Majority Stakes in Egyptian Bank
Three banks, including Standard Chartered, have submitted bids for a majority stake in Egyptian American Bank (EAB), reported the weekly Middle East Times.
EAB is 40 percent owned by American Express Bank, 32 percent by state-owned Bank of Alexandria and about 28 percent in a free float.
A Standard Chartered spokesman in London said the bank would not comment when contacted by the weekly.
Last May, American Express and Bank of Alexandria said they had planned to sell 100 percent of their shares in the bank.
Over the past three months, the EAB's share price has risen 72 percent. Some analysts say that Citibank is likely to be one of the other two banks, according to the weekly – Albawaba.com
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