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Wednesday, 23 October 2019

Egypt plans to sell Banque Du Caire stake next year: CBE governor

MENA , Monday 15 Apr 2019
Egypt
File photo of people standing in the line to make withdrawals outside Banque Du Caire in downtown Cairo. (Photo: Reuters)
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Egypt plans to sell a stake in Banque du Caire, one of the country’s biggest state-owned lenders, toward the end of this year, the Central Bank of Egypt (CBE) Governor Tarek Amer said.

“The size is around 20 percent; might go up to 30 percent,” Amer said in an interview with Bloomberg on Monday in Washington, where he attended the International Monetary Fund and World Bank annual meetings.

The sale would be through the Egyptian Exchange, he added.

“It’s not about money,” Amer said. “We have a plan to support the stock exchange with new issues. There is a lot of demand.” He didn’t give a value of the expected sale.

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