Emirates NBD downplays reports of Egyptian acquisition

• 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.

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“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.