The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Egypt: Bank consolidation takes new turn

SocGen's move on big local player signals confidence in the run-up to Egypt's first open presidential election

Posters of president Hosni Mubarak filled Cairo
last month as campaigning for Egypt's first
ever multi-candidate presidential election in
early September gathered pace. Mubarak
has expressed interest in seeing further
privatization of the country's largest banks

Société Générale's mid-summer swoop to take control of the state's remaining shares in Misr International Bank (MIBank) showed that business confidence remains strong in Egypt's latest phase of reforms, less than a month before an unusual contested presidential election and only weeks after terrorist attacks in Sharm el-Sheikh. SocGen, which has an €14 billion loan portfolio in emerging markets, beat French rival BNP Paribas to take a 67.9% stake. It said it planned to bid for more MIBank shares, to take its stake to between 75% and 100%. The purchase already makes SocGen Egypt's biggest private lender, with some 50,000 existing retail customers and 800 corporate clients. 

Such is the positive mood about Egypt that the MIBank stake – mainly held by Banque Misr, the second largest of Egypt's big four commercial banks – attracted blue-chip bidders including Barclays Bank and the ambitious Bahrain-based Ahli United Bank.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree