EGYPT · BANKING
Key Facts
- —What happened Banque du Caire announced plans to list 30% on the Egyptian Exchange.
- —The seller State-owned Banque Misr sells 4.575 billion existing shares.
- —Timing Subscription in late October, trading expected in November.
- —The bank Total assets EGP 561.22 billion (about US$10.7 billion) at end-June.
- —US angle US qualified institutional buyers can bid under Rule 144A.
- —Still open No offer price, valuation or regulatory approval yet.
One of Egypt’s larger state-owned lenders is heading to the stock market after years of delays.
Banque du Caire, a state-owned Egyptian commercial bank, said on Sunday, 11 October, that it intends to list 30% of its shares. The listing on the Egyptian Exchange (EGX) should conclude in November, the bank said in a statement reported by Daily News Egypt.
The Banque du Caire IPO, or initial public offering, is a test of Egypt’s promise to sell state assets to private investors. Part of the deal is open to large US institutional investors, giving Wall Street funds a direct route into an Egyptian bank.
What the Bank Announced
The offering is a secondary sale of 4.575 billion existing shares held by Banque Misr, the state-owned parent of Banque du Caire. Because the shares already exist, the money goes to Banque Misr, not to Banque du Caire.
Chief executive Hussein Abaza, a former chief executive of Commercial International Bank who joined in 2024, welcomed the step. “We are pleased to announce our intention to float Banque du Caire on the Egyptian Exchange,” he said in the statement.
Subscription is scheduled for late October, with trading expected to begin in November. Both dates depend on approvals from the Financial Regulatory Authority (FRA), Egypt’s non-bank market watchdog, and from the exchange itself.
How the Sale Will Work
The deal has two parts. A private placement targets qualified institutional investors worldwide, under Rule 144A in the United States and Regulation S elsewhere.
A separate public offering is reserved for retail investors in Egypt. The statement did not say how the 30% will be split between the two tranches.
Cairo-based CI Capital is lead global coordinator and EFG Hermes is joint global coordinator; both are joint bookrunners. Baker McKenzie advises on US and English law, with its Egyptian member firm Helmy, Hamza & Partners on local law.
The Bank Behind the Offer
Banque du Caire reported a net profit after tax of EGP 8.94 billion (about US$171 million) for the first half of 2026. Net interest income reached EGP 18.79 billion (about US$359 million).
Total assets stood at EGP 561.22 billion (about US$10.7 billion) on 30 June. That is comparable to a smaller US regional bank.
Deposits totalled EGP 443.87 billion (about US$8.5 billion) and gross loans EGP 280.25 billion (about US$5.4 billion). Equity was EGP 66.82 billion (about US$1.3 billion).
The bank reported a return on average equity of 27.6% and a capital adequacy ratio of 22.1%. Its non-performing loan ratio fell to 3.7% in mid-2026 from 5.0% in 2017.
Banque du Caire has 242 branches, including planned openings for late 2026 and 2027, and 2,205 cash machines across all 27 governorates. It serves about 3.2 million customers.
Conversions use open.er-api.com rates of 11 October 2026 (EGP 52.38 per US$).
Why Egypt Is Selling State Assets
Egypt has tried to list Banque du Caire since at least 2019, but the sale was postponed several times. Enterprise, a Cairo business newsletter, reported delays in 2019, 2020 and again in June 2026.
In August, Egyptian banking site Banky reported interest from two development lenders. The European Bank for Reconstruction and Development and the World Bank’s International Finance Corporation reportedly wanted up to 10%.
Sunday’s statement did not mention them.
Egypt’s loan programme with the International Monetary Fund (IMF), agreed in 2022, was expanded to about US$8 billion in 2024. Under it, the government promised to shrink the state’s role in business, using minority listings as a main tool.
What It Means for US Readers
US pension funds, asset managers and hedge funds that qualify as institutional buyers can bid for shares through the Rule 144A placement. Ordinary US retail investors cannot join the Egyptian retail tranche directly.
The listing adds a sizeable lender to the Egyptian Exchange, widening the choice for emerging-market funds. Investors will weigh high returns against currency risk.
The pound has lost much of its value against the dollar since 2022.
For US policy, a successful sale would support the reform path backed by the IMF, where Washington is the largest shareholder. A weak take-up would raise doubts about Egypt’s wider privatisation plans.
What Is Not Known
The offer price, the valuation and the number of shares for each tranche have not been published. The FRA and the exchange have not yet given their approvals.
It is not confirmed whether the EBRD, the IFC or other anchor investors will take part. The bank’s own investor-relations page could not be accessed to view the original statement directly.
What Comes Next
The next step is a prospectus with the price range, expected before subscription opens in late October. Trading is due to start in November if regulators sign off.
The announcement does not mean the sale will close on time. Egypt has postponed this listing several times before when market conditions turned.
Frequently Asked Questions
What is Banque du Caire?
Banque du Caire is an Egyptian commercial bank founded more than 70 years ago and owned by state-owned Banque Misr. It has about 3.2 million customers and 242 branches, including planned openings.
How much of the bank is being sold?
Banque Misr is selling 4.575 billion existing shares, equal to 30% of the issued capital. No new shares are being created, so the bank itself raises no fresh money.
Can Americans buy shares in the Banque du Caire IPO?
Large US institutional investors can take part through a private placement under Rule 144A. The retail tranche is limited to investors in Egypt.
When will trading start?
Subscription is planned for late October and trading is expected in November. Both steps still need approval from the Financial Regulatory Authority and the Egyptian Exchange.
Why is Egypt selling stakes in state companies?
The government has pledged under its IMF programme to reduce the state’s role in the economy and attract private and foreign capital. Selling minority stakes on the stock exchange is one of its main tools.
Sources: Banque du Caire statement of 11 October 2026 as published by Daily News Egypt; Banky; Enterprise; IMF; open.er-api.com (all accessed 11 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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