ICEC

Banque Misr eyes 10 bln pounds by selling stake in Cairo Amman Bank

Banque Misr seeks to raise 10 billion Egyptian pounds ($568 million) through selling stakes in four companies and two banks, including Cairo Amman Bank, to boost liquidity, its Vice Chairman, Akef El Maghraby, said.

Banque Misr’s stake in Cairo Amman is 10.78 percent, in addition deal is expected to be finalised this year.

The bank — Egypt’s second largest state-run lender — looking to sell part of its 100 per cent stake in Banque Du Caire, which the government has targeted for listing on the Egyptian stock exchange, he said.

“We expect to finalise the initial public offering of Banque Du Caire in the fourth quarter of 2018 — not before that,” Al Maghraby said, adding that the bank would retain a controlling interest.

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