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CAPITAL MARKETS

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.

Elliot Wilson
February 24, 2021
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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.


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    Tags

    CAPITAL MARKETS FeaturesEgyptCapital MarketsBankingCoronavirusMarch 2021
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    Elliot Wilson
    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.
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