CAIRO: France's Calyon and Britain's HSBC have submitted bids for Egyptian American Bank (EAB), which has been put up for sale by its main shareholders, an EAB executive said on Sunday. An earlier statement from EAB had said it received two international bids for the purchase of up 100 percent of EAB, but did not identify the bidders. "The bids are currently being reviewed, the statement said. The executive, who asked not to be named, told Reuters the two banks were Calyon and HSBC but did not give further details. In November, a banking source had said those two banks had completed financial assessments of EAB ahead of possible bids. American Express Bank, which owns about 40 percent of EAB, and state-owned Bank of Alexandria, with more than 30 percent, are seeking to sell their stakes. American Express and Bank of Alexandria have appointed Credit Suisse First Boston (CSFB) as financial adviser. Egypt's central bank has been encouraging consolidation in the sector to create fewer, larger institutions. Egyptian banks have become more attractive targets with an improvement in the economy on the back of government reforms, analysts say. Ministers have said Bank of Alexandria, the smallest of Egypt's main four state banks, would itself be sold by early 2006 as part of the government's privatization drive. EAB shares closed at LE 59.50 ($10.35) on Sunday, down 1.4 percent.The benchmark index dipped 0.3 percent. - Reuters
