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Egypt’s Banque du Caire eyes slimmed-down IPO post-Covid

Banque du Caire was on the cusp of completing a $500 million listing in London and Cairo last year when Covid hit. Its chairman Tarek Fayed meets Euromoney to talk about investing in people and digital – and why he still wants to complete a slimmed-down stock sale when conditions allow.

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Banque du Caire was so nearly there.

The Egyptian lender was on track to complete a $500 million initial public offering in the spring of 2020. Everything was in place. Its owner, state-owned lender Banque Misr, had committed to offloading up to 30% of the Cairo-based bank.

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  • Human capital
  • Underwriters HSBC and EFG Hermes had a slew of anchor investors, including the European Bank for Reconstruction and Development and the Sovereign Fund of Egypt, ready to buy up to $75 million worth of available stock.

    The IPO mattered on a number of levels. To the state, it would breathe new life into a privatization process that had been left to drift. It would also deepen liquidity on the Egyptian Exchange. A concurrent sale of global depositary receipts (GDRs) in London would encourage international investors to buy into a newly reenergized economy.

    Then


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    Elliot Wilson headshot.jpg
    Global Private Banking and Wealth Management editor
    Elliot Wilson is Greater China editor and Private Banking and Wealth Management editor. He joined the magazine in 2020 having been a regular contributor focusing on China and the Indian subcontinent, Russia and Eastern Europe/the CIS. He is based in Hong Kong.