ICEC

Banque du Caire lining up to open new office in UAE

Banque du Caire will open its representative office in the United Arab Emirates (UAE) within two months, chairman Tarek Fayed announced Sunday.

In a press conference, Fayed said the Egyptian bank was looking to stretch out to the UAE as part of its plans to open new representative offices across entire Gulf region.

Fayed further added that the bank was pushing for regional and international expansion to increase exports.

Earlier in April, the Central Bank of Egypt’s (CBE) governor Tarek Amer forecast that the bank would launch an initial public offering (IPO) sometime towards the end of 2018 or early 2019.

The offering is a part of Banque Misr’s plan, which wholly-owns Banque du Caire, to raise EGP 10 billion in proceeds from selling stakes in a number of other companies.

In March, the Ministry of Finance (MOF) said it was planning to offer up to 23 state-owned companies on the Egyptian bourse at a total value of EGP 80 billion as part of the first phase of the government’s IPOs programme, which aims to raise the EGX’s market capital as well as boost daily trading volume.

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