The Egyptian Government Prepares to Restart Bank Cairo Offer

Evaluating the Results of the United Bank Sale

The Egyptian government is preparing to restart the Bank Cairo offer in the coming period after examining the results of the sale of United Bank, and is also exploring the possibility of including CI Capital, along with Hermes, to manage the offer.

Placing 49% of Banque du Caire on the Stock Exchange

Informed sources told Al Borsa newspaper that the government is preparing to place 49% of Banque du Caire on the stock exchange between public and private placements for financial institutions before the end of this year.

The government has begun preparations for the bank with an initial valuation in the range of $550 million to $600 million, the sources added, and it is likely that the placement will take place in the fourth quarter of this year, explaining that the current valuation is down from the last. the bank’s valuation before the “coronavirus” crisis, which was around $700 and $750 million.

Market Waiting for Decision on Bank’s Proposal

The market is waiting for a decision on the steps to be taken on the bank’s proposal, especially after the deadline set by the Financial Supervision Authority for listing on the stock exchange expired last March.

Sources indicated that the government will resume negotiations with the placement managers in the coming period to finalize the placement procedures.