Egypt has raised approximately $658 million from the sale of a 45 per cent stake in state-owned Banque du Caire, marking one of the country’s largest recent privatisation transactions and a major development in its efforts to attract private investment.
The offering was completed on Monday, November 2, 2026, with the bank’s shares commencing trading on the Egyptian Exchange following the sale of 6.86 billion shares at 5.30 Egyptian pounds each.
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According to the final offer announcement, the transaction generated approximately 36.37 billion Egyptian pounds, valuing the lender at about 80.83 billion pounds, equivalent to $1.46 billion.
The shares were sold by Banque Misr, the state-owned majority shareholder in Banque du Caire, which is retaining a controlling 55 per cent stake following the transaction.
The sale represents a significant step in Egypt’s economic reform programme, which seeks to expand private-sector participation, attract foreign investment and reduce the government’s direct involvement in commercial activities.
The country’s privatisation drive is also linked to commitments under its $8 billion loan programme with the International Monetary Fund (IMF), approved in December 2022.
The programme includes reforms aimed at encouraging private-sector-led growth and reducing the state’s economic footprint.
Egypt has previously announced plans to offer stakes in more than 30 state-owned companies as part of the reform agenda.
The Banque du Caire transaction attracted strong interest from domestic and international investors, with the public offering reportedly oversubscribed more than 27 times.
The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) were among the major institutional investors participating in the transaction, committing $100 million each.
The EBRD confirmed that its investment secured an approximately 6.9 per cent stake in the lender, while the IFC’s participation represents approximately seven per cent.
The involvement of the two development finance institutions is expected to strengthen the bank’s access to long-term institutional capital and support its capacity to expand financing for businesses and households.
Egyptian Prime Minister Mostafa Madbouly, who attended the opening-bell ceremony marking the commencement of trading, said the listing demonstrated the government’s commitment to continuing its state-asset offering programme.
He said the initiative was aimed at unlocking greater value from public assets, despite regional tensions and other economic challenges.
Banque du Caire Chief Executive Officer Hussein Abaza described the transaction as the culmination of a process that had faced repeated delays.
Speaking to Agence France-Presse, he said the IPO had been more than 20 years in the making, with the COVID-19 pandemic and conflicts in Ukraine and Gaza among the factors that had complicated its execution.
He added that the successful offering demonstrated confidence in the Egyptian stock market and the government’s commitment to privatisation.
Founded in 1952, Banque du Caire is one of Egypt’s established banking institutions and a major player in the country’s financial services sector.
The bank provides services across corporate banking, small and medium-sized enterprise financing, retail banking, microfinance and investment banking.
The IPO also comes as Egypt seeks to revive momentum in its broader programme of selling state-owned assets.
In June, authorities granted preliminary listings to four state-owned companies ahead of planned stock market offerings by May 2027.
Beyond raising funds from the sale of public assets, the government hopes that wider private ownership will improve corporate governance, encourage competition and deepen the country’s capital market.
However, the Banque du Caire transaction is a partial divestment rather than a complete privatisation, as Banque Misr retains majority ownership and control.
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Its success could nevertheless provide an important reference point for other state-owned companies expected to enter the Egyptian capital market as the government continues its economic reform programme.
