Riyadh – Mubasher: Egypt's Banque Misr has approved appointing Samba Capital to advise it on divesting from Saudi-based Samba Financial Group )SFG), sources said on Thursday.

Banque Misr owns a 2% stake in the Saudi bank, according to Al Mal Newspaper.

Samba Capital will hold the roadshow of the Egyptian lender's deal and receive purchasing offers, the sources added, noting that the exit is part of the second-largest state-owned bank's strategy that links its external expansion to generate profits. 

The divestment aims to help the Egyptian banks to focus on collecting saving to re-pump them into projects, save the bank’s capital, and to boost capital.