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Turkiye in talks to buy Egyptian state owned bank

Speaking on condition of anonymity, an Egyptian government official has revealed that Cairo received an offer from Turkiye to acquire a state-owned commercial bank, Arab World Press (AWP) reported on 30 November.

“A Turkish banking alliance made the offer during bilateral meetings between the two sides attended by Egyptian Minister of Trade and Industry Ahmed Samir and delegations from the private sector in the two countries that were held between Cairo and Ankara during the past period,” the London-based daily wrote.

Turkiye could facilitate the bank’s purchase by “buying a government share of its ownership structure,” the publication added.

The Egyptian official said the “Egyptian government is currently considering the offer in coordination with the Central Bank of Egypt.”

Within the Egyptian government, there are technical views that the current banking market will not add value by Turkiye’s entry.

“The Turkish offer stated that the purpose of the acquisition is to serve Turkish companies operating in Egypt, which are currently witnessing an unprecedented state of activity, especially in the manufacturing, direct investment and export sectors,” the AWP report says.

Egypt and Turkiye have grown fonder of each other within the past few months.

Egypt’s Trade and Industry Minister, Ahmed Samir Saleh, traveled to Turkiye for the first time in 10 years in August. During the visit, Turkish Minister of Trade, Omer Bolat, disclosed that the two nations are looking to boost bilateral trade by 50 percent over the next five years.

The nations exchanged diplomatic representatives in July for the first time in a decade.

Source: The Cradle