Egypt's Banque du Caire eyeing sale of 20-30 pct stake for $300-400 mln

Reuters , Friday 19 Apr 2019

Banque du Caire
Photo of people standing in the line to make withdrawals outside Banque Du Caire in downtown Cairo (Photo: Reuters)

The head of Egypt’s Banque du Caire said on Thursday the bank was aiming to raise $300-400 million by selling a 20-30 percent stake by the end of 2019.

Chairman and Chief Executive Tarek Fayed told reporters that the timing of the initial public offering depended on market conditions.

A deal to sell the state-owned bank was cancelled in 2008, and a planned IPO has been repeatedly postponed over the past three years.

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