JP Morgan chosen to advise on state bank sale in Egypt

The Egyptian government has chosen JP Morgan as financial adviser for the sale of state-owned Banque du Caire, which will be auctioned in six to eight monthsAccording to Middle East News Agency the Egyptian government expects the sale to raise more than $1.6 billion.“A contract will be signed with JP Morgan before the end of October to value the bank and suggest sale options”, the chairman of the bank and also of Banque Misr, which is responsible for the sale Mr. Mohamed Barakat has announced.In July, Egypt’s authorities said “it plans to auction up to an 80 percent stake in the bank with 15 percent ultimately floated in a public offering”Mashreqbank, Dubai's third-largest lender by market value said in September that “it may bid for the bank”