Mauritius bank sums up two bids

13 November 2007

Mauritius' state-owned First City Bank is weighing up two offers for the group and aims to make a decision by the end of the month.

Eric Ng, chairman of the FCB, told Reuters that British American Investment (BAI) and Ciel Investment were interested in securing the bank.

"We are making an assessment of the two proposals, we hope by the end of this month to make a decision," he said.

The Developmental Bank of Mauritius owns 71 per cent of FCB while a 26.5 per cent share belongs to the State Investment Corportation and 2.5 per cent is owned by a group of small shareholders.

According to Mr Ng the bank was being sold because it was not the business of the government and he declined to give any indications on the prices being put forward by the rival bidders.

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