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Egypt-based Banque du Caire planning to float 30% capital by Q3 2019

Egypt-based Banque du Caire SAE is planning to float nearly 30% of its capital on the Egyptian exchange by the third quarter of 2019, after the bank completes its restructuring plan, Daily News Egypt reported March 10, citing market sources.

State-owned Banque Misr (SAE), the sole shareholder of the lender, plans to raise 10 billion Egyptian pounds from sale of stakes in other companies.

Banque du Caire CEO Tarek Fayed discussed the bank's IPO in September 2018, with the government eager to float a stake as part of its economic reform program.

"We hope that the conditions of the financial markets will improve globally and locally so that the IPO process will take place as soon as possible," Fayed said.

The development comes as the Egyptian central bank mulls issuing new licenses to foreign lenders to boost banking sector competitiveness.

As of March 8, US$1 was equivalent to 17.42 Egyptian pounds.