Cairo – Mubasher: Banque Misr, Egypt’s second largest state-run bank, has sold its 2% stake in Samba Financial Group, one of Saudi Arabia’s largest lenders, for around $370 million, vice chairman of the bank said.
The Egyptian lender, which has an investment portfolio worth EGP 55 billion, will not sell its stake in Cairo Amman Bank, Akef El Maghraby told Reuters.
El Maghraby also highlighted that the bank has invested EGP 3 billion in “Your Project” initiative for nearly 58,000 clients.
Banque Misr previously revealed financing plans worth up to EGP 20.4 billion that target the telecommunication, construction, and fertilizers sectors.
