NIB considers partial sale of takes in five state-owned banks

NIB considers partial sale of stakes in five state-owned banks: Egypt’s state-owned National Investment Bank (NIB) is considering partially exiting its stake in five banks either through an offering on the EGX or a direct sale to an investor, managing director Mahmoud Montasser tells Al Masdar. The bank is looking to sell some of its shares in Abu Dhabi Islamic Bank, Banque Misr subsidiary Misr Bank-Europe, Misr Iran Development Bank, the Arab Investment Bank, and the Export Development Bank, said Montasser. NIB is discussing the potential divestments with the central bank, with the latter having the final say in the matter, he added. What Montasser was not clear about is whether the stake sale would be part of the state privatization program. None of these banks were included in the list of the program’s 24 companies.