Four foreign banks compete to buy an Egyptian bank

The International Bank of Egypt announced on Monday that a list of banks eligible for buying Bank Shares was prepared.

In a statement, the bank said that the banks began a checking in operation of its bank documents before submitting final bids. The statement added that the deal includes selling its stakes owned by the state and other stakeholders, but gave no mention to the volume of the shares it is selling or the names of other investors who will sell their share.

The bank indicated that the likely buyers are the "Society General," and B.N.B Bareiba from France, the British Barkleys bank and al-Ahlai ( people) united Bank from Bahrain.

The Egyptian government said earlier it intends to sell state's shares in joint venture projects between the public and private sectors, like the International Bank of Egypt, in the course of the privatization campaign.