Egypt to float stakes in 2 state-owned banks, sell United Bank stake this year: Tarek Amer

Ahram Online , Sunday 27 Mar 2016

Stock Market
Traders work at the Egyptian stock exchange in Cairo (photo: Reuters)

Egypt will float parts of two state-owned lenders on the Egyptian stock exchange this year and sell a stake in state-owned United Bank of Egypt, the central bank governor Tarek Amer said. 

The sale of part of state-owned United Bank to a strategic investor is already underway, with the transaction to be completed before the year's end, Amer said in a televised interview on Saturday night.

Public lender Banque du Caire will also seek a capital increase on the stock exchange by floating a 20 percent stake before the end of the year, according to Amer.

Egypt and Kuwait will each offer a 20 percent stake on the Cairo bourse of the Arab African International Bank, a joint 50/50 owned venture this year between the Central Bank of Egypt and Kuwait Investment Authority, said Amer.  

"We want to strengthen the bourse, to make it attractive [to investments]," added Amer.

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