Uganda clears Banque du Caire buyout of Cairo International Bank

Uganda’s central bank has given Egypt’s Banque du Caire the green light to buy out Cairo International Bank in Kampala, to expand its reach in Africa.

Banque Du Caire – Egypt’s third largest state lender – owns 60 percent share of Cairo International Bank’s capital, and it would acquire the remaining 40 percent of shares from the National Bank of Egypt and Banque Misr.

Bank of Uganda has also approved Cairo International Bank’s capital increase to $5 million, Banque du Caire’s chairman Tarek Fayed told Amwal Al Ghad on Tuesday.

In March, Egypt’s central bank cleared Banque du Caire’s plans for full takeover of Uganda-based Cairo International Bank (CIB).

The step is part of the Egyptian bank’s plans to achieve bigger presence in Africa and turn the CIB into a platform to expand trade exchange, investments, and exportation  between Egypt and the African countries, mainly in East Africa and COMESA regions, Fayed said.