Misr - Iran Bank to be sold in March

The Egyptian Ministry of Public Enterprises decided to raise 80% of the capital of Misr - Iran Bank, $100 million, for development to Egyptian, Arab and foreign investors at the end of this month.

The ministry placed some limits on the sale process which are that the buyer must be an Egyptian or foreign financial and investment corporation that has experience in fund management and the field of banking.

ArabicNews.com learned that the Iranian External Investment Company made a preliminary offer to purchase the Egyptian percentage to become the main owner of this bank that was established in 1975 to increase volume of bilateral cooperation between Egypt and Iran.