Last Update 21:44
Tuesday, 17 September 2019

Egypt's Banque du Caire expects to sell minority stake by early 2020

Reuters , Tuesday 20 Aug 2019
Views: 861
Views: 861

The head of Egypt’s state-owned Banque du Caire told reporters on Tuesday that he expects to sell 30-40% of the bank by the end of 2019 or in early 2020.

A deal to sell the bank was cancelled in 2008 and an initial public offering has been postponed repeatedly over the past three years.

“We plan to offer 30-40% of the shares in the bank in principle through a capital increase and the sale of a stake to a strategic investor,” Chairman and CEO Tarek Fayed said. 

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