Dubai's Mashreq bank is still interested in buying Egypt's Banque du Caire even though its initial offer was rejected and the sale cancelled, Mashreq's chief executive has said.

Mashreq CEO Abdul Aziz Al Ghurair was quoted by Emirates Business newspaper as saying his bank still wished to expand in Egypt and was waiting for authorities to come back with a new asking price.

Egypt cancelled the auction of a stake in its third-largest bank in June saying bids were too low, rejecting a National Bank of Greece offer valuing it at $2.025 billion.

The government planned to sell up to 67 percent of Banque du Caire in Egypt's largest bank privatisation since it sold 80 percent of Bank of Alexandria in 2006.

Banque du Caire, with total assets of 50.1 billion Egyptian pounds ($9.36 billion) a year ago, is larger than Bank of Alexandria. - Reuters