Emirates National Bank of Dubai (NBD) has been granted approval by the Central Bank of Egypt to start due diligence for acquiring Banque du Caire, a transaction potentially exceeding USD 1 billion (EGP 50 billion), as reported by two sources familiar with the matter to Asharq Business.
One source, speaking anonymously to Asharq Business, revealed that “the government is pushing diligently to finalize this deal swiftly, with an expected completion within six weeks.”
This potential acquisition is part of Egypt’s ongoing push to privatize state-owned assets and is in alignment with broader economic reforms under the International Monetary Fund (IMF) program. Earlier this week, the IMF urged Egypt to adopt a new economic model by reducing the state’s role in the economy.
An official statement has yet to be issued regarding the news, which has sparked controversy. TV host Amr Adib shared on X, “Selling the bank in secret is nearly impossible. We’ll soon find out who’s trying to buy it and what their offer is.” He also remarked, “We’ve been trying to sell it since the ‘90s.”
As of last September, Banque du Caire, which is owned by the state-run Banque Misr, has assets totaling USD 9.4 billion (EGP 478 billion). It is reported that Banque Misr intends to sell a 45 percent stake in Banque du Caire for as much as USD 1.2 billion (EGP 60 billion), with the possibility of listing further shares on the Egyptian stock exchange.
Egypt is accelerating its push to privatize state-owned enterprises as a key step toward boosting economic productivity, drawing in foreign capital, and reducing the financial strain on public coffers.
In a televised press conference last December, Prime Minister Mostafa Madbouly revealed plans to offload shares in at least ten government-held companies by the end of 2025, among them four entities owned by the military.
These firms, such as the military-operated fuel chains Watanya and Chillout, will either be transferred to strategic investors or listed for public trading on Egypt’s stock exchange.
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