ICEC

Egypt to float stakes in state-run Banque du Caire, AAIB this year: c.bank chief

Egypt will float some shares of two state-run lenders on the Egyptian stock exchange this year, the central bank governor Tarek Amer announced.

Egypt’s third biggest public lender Banque du Caire will seek a capital increase on the stock exchange by floating a 20 percent stake before the end of the year, Amer said in a televised interview on Saturday night.

The Egyptian banking top official further said that Egypt and Kuwait would each offer a 20 percent stake on Egypt’s bourse of the Arab African International Bank, a joint 50/50 owned venture this year between the Central Bank of Egypt and Kuwait Investment Authority.

“We want to strengthen the bourse, to make it attractive [to investments],” added Amer.

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