The board of directors of National Bank of Kuwait Egypt (NBK Egypt) (EGX:NBKE) has approved to appoint Prime Capital as an independent financial advisor (IFA) to conduct a fair value (FV) study on the bank’s stock, NBK Egypt announced in a statement.

This comes as a step paving the way for the voluntary delisting of the bank’s stock from the Egyptian Exchange (EGX).

The FV study will be eventually reviewed by the extraordinary general meeting (EGM), the statement added.

NBK Egypt, formerly Al Watany Bank of Egypt SAE, is an Egypt-based public shareholding company engaged in the provision of corporate, retail, and investment banking services.

The bank’s financial services and products include trade finance, and commercial and residential mortgages, among others.