EFG Hermes, Morgan Stanley, HSBC and Deutsche Bank are reportedly among the highest bidders.
The state-owned Banque du Caire is reportedly being sold, according to Al Watan News. A financial investment company owned by Banque Misr - nationalised in 1960- will be receiving bids from interested investment banks and will act as financial advisor.
According to anonymous sources, the bids currently being evaluated by the company are offers from Morgan Stanley, CI Capital, Pharos/Deutsche Bank and HSBC/EFG Hermes.
The government has agreed to form a committee - which constitutes of Central Bank of Egypt (CBE), Banque Misr, Banque du Caire, the Ministry of Finance, and a financial consultancy firm - to handle the selling.
Sources revealed that the committee proposed that Morgan Stanley and EFG Hermes enter a joint bid agreement, though the global financial institution declined due to the latter's already existing partnership with HSBC. The committee is reportedly trying to break up EFG Hermes' partnership with HSBC due to its inclination to sell to the local investment bank.