Egypt to offer 49% of Banque du Caire shares on bourse in Q2

By Yomna Yasser On Nov 12, 2016

Egypt will offer a 45 percent stake in state-run Banque du Caire on the local stock market in the second quarter of 2017, an official in the parent company told Amwal Al Ghad on Saturday.

Misr Financial Investments Company is Banque Misr’s investment arm and owner of Banque du Caire. Banque Misr already owns 99.999 percent of Misr Financial Investments Company.

The source further said Misr Financial would offer 45 percent of Banque du Caire by increasing its capital, which currently stands at 2.250 billion Egyptian pounds ($136.2 million), through an initial public offering.

Misr Financial Investments Company has selected EFG-Hermes and HSBC to provide special consultancies related to offering its share in Banque du Caire for sale, the source added.

Central Bank Governor Tarek Amer said in March that the government planned to offer some shares in Banque du Caire and Arab African International Bank (AAIB) on the local stock exchange.

Banque du Caire, established in 1952, has a capitalisation of 1.6 billion Egyptian pounds ($180 million). The bank has around 240 branches and units around the country.