Reuters/Satish Kumar
Speculation since 2023
45% stake was in question
Banks have rising profits
Emirates NBD, Dubai’s largest bank by assets, has refuted media reports that it is undertaking due diligence on a state-owned Egyptian bank ahead of potentially buying a stake in the lender.
Last week, Kuwaiti and Egyptian media published articles detailing how Emirates NBD – which has an Egyptian subsidiary – had begun examining the books of Banque du Caire, the North African country’s sixth-largest commercial bank.
But Emirates NBD has now issued a statement downplaying the prospect of any acquisition.
“Since January 2023 there has been press speculation linking Emirates NBD with a number of potential acquisitions within the region, including Egypt,” the bank said in the statement.
“Emirates NBD confirms that, to date, there have not been any material developments which would require the bank to make a specific announcement on the subjects mentioned in this press speculation.”
Banque du Caire is owned by state-run Banque Misr, which wants to sell a 45 percent stake in its rival lender, Egypt’s EnterpriseAM media reported. The outlet said a further stake could be listed on Egypt’s bourse.
Banque du Caire had EGP478 billion ($9.4 billion) of assets as of September 30, its most recent financial statement shows. Emirates NBD Egypt, which is wholly owned by its parent, had assets totalling $3.1 billion at the end of 2024.
This makes the latter Egypt’s 20th-largest bank by assets, according to S&P Global Ratings data.
Banque du Caire and Emirates NBD Egypt have both reported rising profits thanks to a steep increase in net interest income following rate rises which have boosted lending margins.
