3 consulting firms vie for restructuring Egypt state agricultural lender

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Three firms for financial consulting are bidding for the restructure of Egypt’s main agricultural lender, Principal Bank for Development and Agricultural Credit (PBDAC), banking sources with knowledge told Amwal Al Ghad Sunday.

One of those bidders is a consulting firm owned by former telecommunications minister, Hany Mahmoud and will present a presentation on its offer and plan within the current week, the sources added.

The winner will perform the restructure process for the bank, the sources said.

Earlier in February, Egyptian central bank governor Tarek Amer said PBDAC would be restructured and brought back under the supervision of the Central Bank.

The PBDAC is currently under the jurisdiction of the ministry of agriculture and not the central bank,

“The President and the Prime Minister…and the Minister of Agriculture have agreed for the agricultural bank to return under the umbrella and the supervision of the Central Bank,” said Amer.