Central Bank of Egypt Governor Tarek Amer officially revealed plans to sell a stake in Banque du Caire, one of Egypt’s state-owned lenders, towards the end of this year.
In an interview with Bloomberg in Washington during the sidelines of International Monetary Fund and World Bank annual meetings, Amer said that the stake will be around 20 percent and may increase to 30 percent, adding that the sale would be conduced through the Egyptian exchange.
“It’s not about money,” Amer said. “We have a plan to support the stock exchange with new issues. There is a lot of demand.” He alluded this without mentioning a specific value.
This sale comes as part of a governmental plan targeting vending stacks of 23 public companies with the purpose of raising 80 billion pounds ($4.6 billion) within three years, Bloomberg reported.
Founded in 1952, Banque Du Caire is owned by Banque Misr, the second largest Egyptian state-run lender. Banque Du Caire has been playing a significant role in boosting the national economy through varied means.
Banque Du Caire fused between its historical origins in banking proficiency and ongoing modernized applies in the industry, according to Intercome Enterprise.