(Ecofin Agency) - Egyptian state-owned Banque du Caire reaffirmed its commitment to open a significant minority stake in its capital to private investors. The operation will be carried out by the end of the year and arranged by the Egyptian investment bank EFG Hermes and the British HSBC, according to the Managing Director.
This intention was announced about a year ago and concerns 30% to 40% of the capital. The bank plans to conduct it through an IPO on the Cairo Stock Exchange, combined with private placements to international investors. The operation could generate between $300 million and $400 million.
Banque du Caire claims a 5% market share in the Egyptian banking sector. For the 2018 financial year, it achieved a net margin of EGP2.5 billion ($150 million).