August 20, 2019 / 11:48 AM / a month ago

Egypt's Banque du Caire expects to sell minority stake by early 2020

CAIRO, Aug 20 (Reuters) - The head of Egypt’s state-owned Banque du Caire told reporters on Tuesday that he expects to sell 30-40% of the bank by the end of 2019 or in early 2020.

A deal to sell the bank was cancelled in 2008 and an initial public offering has been postponed repeatedly over the past three years.

“We plan to offer 30-40% of the shares in the bank in principle through a capital increase and the sale of a stake to a strategic investor,” Chairman and CEO Tarek Fayed said. (Reporting by Ehab Farouk Writing by Patrick Werr Editing by David Goodman)

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