British banking group HSBC said on Monday it planned to raise its stake in Egyptian British Bank (EBB) by an additional 11 percent, to 51 percent of issued share capital.
HSBC said it would make a cash offer of $31.9 million, or $140.70 per share, for the extra 11 percent stake in EBB.
The offer will open on Oct 13 and close on Oct 11.
HSBC Bank Middle East deputy chairman Andrew Dixon said: "The time has come to increase HSBC's presence and visibility in Egypt.
"The economy has achieved sustained growth and continues to liberalise. "Opportunities for developing new banking services are likely to increase, and HSBC is well placed to respond to them." — (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)