The Ugandan central bank approved Egypt-based Banque du Caire SAE's proposed acquisition of a 40% stake in Uganda-based Cairo International Bank from National Bank of Egypt (SAE) and Banque Misr (SAE), Amwal Al Ghad reported.
Banque du Caire already holds a 60% stake in Cairo International Bank and will wholly own it once the deal completes.
The takeover is part of Banque du Caire's plan to expand in Africa by using Cairo International Bank as a platform for trade exchange, investment and exportation between Egypt and African countries, mainly in the East Africa and the Common Market for Eastern and Southern Africa, or COMESA, regions, the report said.
Tarek Fayed, Banque du Caire's chairman, told the newspaper that the Bank of Uganda has also approved Cairo International Bank's capital increase to $5 million.
