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Bank Du Caire plans to sell stake in international market this year, says Chairperson - Daily News Egypt

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Bank Du Caire plans to sell stake in international market this year, says Chairperson

Share sale will range from 20% to 30% of bank’s total shares


Banque Du Caire plans to list a stake of its shares on the Egyptian Exchange (EGX) and on an international stock market this year, the chairperson of the state-run lender said on Thursday.

The share sale will range from 20% to 30% of the bank’s total shares at proceeds worth around $300m to $400m, Tarek Fayed told a press conference on the sidelines of launching the lender’s new brand.

Last week, the Governor of the Central Bank of Egypt (CBE), Tarek Amer, told Bloomberg News that the Egyptian government plans to sell a stake in Banque du Caire, which is fully owned by Banque Misr.

Selling an equity in Banque du Caire would be through the EGX by the end of 2019, Amer added.

The bank received $42m (EGP 722.5m) transfers from foreign investors.

The bank’s market share in Egypt reached 5%, he noted, adding that the bank’s profit is expected to increase by a range between 20% and 30% during the current fiscal year (FY).

Banque Du Caire reported a 210% year-over-year (y-o-y) hike in net profit during the full year 2018, recording EGP 2.5bn ($140m).

The bank is also planning to issue around 650,000 cards in 2019, including 450,000 Meeza pre-paid cards, the chairperson of the state-run lender added.

The bank, which is fully owned by Banque Misr-Egypt’s second largest state-run lender-also seeks to open 30 new branches as part of its expansion plan, Fayed explained.

He added that the bank has opened 11 branches providing loans for small- and medium-sized enterprises (SMEs), out of 20, set to be inaugurated by the end of this year.

Meanwhile, Banque Du Caire has received EGP 200 million loan from the Micro, Small and Medium Enterprise Development Agency (MSMEDA), vice chairperson, Hazem Hegazy, stated on Thursday.

The secured amount will be used for the finance of micro-projects, the top official added.

Head of MSME at the bank revealed that it was negotiating another EGP 200 loan with international institutions.

https://cdn1.dailynewsegypt.com/2019/04/21/bank-du-caire-plans-to-sell-stake-in-international-market-this-year-says-chairperson/
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