Prime Minister Mostafa Madbouly said Banque du Caire’s listing on the Egyptian Exchange (EGX), following an offering worth EGP 36.37 billion, underscores the Egyptian government’s commitment to its state divestment programme and efforts to expand private-sector participation in the economy.
Speaking at a ceremony marking the start of trading in the bank’s shares, Madbouly described the transaction as the largest initial public offering (IPO) in Egypt’s history by nominal value, highlighting its significance in implementing the State Ownership Policy.
The offering valued Banque du Caire at more than EGP 80.8 billion, reflecting strong demand from investors and confidence in the Egyptian banking sector.
Madbouly said the government had worked for an extended period to complete the transaction, noting that questions had been raised by international stakeholders over Egypt’s commitment to pursuing its divestment programme, implementing its ownership policy and bringing state-owned companies to market.
He stressed that completing the IPO sends a clear message about the state’s determination to honour its economic commitments, despite challenging global conditions and regional and international pressures.
The bank’s market debut follows several delays to earlier sale plans, which were affected by unfavourable market conditions, the COVID-19 pandemic and valuation concerns.
According to Madbouly, the offering results reflect not only Banque du Caire’s financial strength but also domestic and international investors’ confidence in the resilience of Egypt’s banking system.
He added that the transaction demonstrated the Egyptian Exchange’s ability to accommodate large-scale offerings worth billions of pounds, reinforcing its role as a platform for attracting investment and supporting capital market activity.
The public offering was subscribed 27.08 times, while the private placement recorded subscription demand equivalent to six times the shares offered.
Madbouly said the government would continue implementing its public offering programme as part of a broader strategy to improve the efficiency of state-owned companies and assets, strengthen governance and transparency, attract foreign investment and promote partnerships with the private sector.
He noted that greater private-sector participation would contribute to more efficient asset management, stimulate capital market activity, enhance economic competitiveness and support sustainable development.
The government’s updated State Ownership Policy covers the 2026–2030 period, with the Cabinet approving its proposed action plan in September. Madbouly said the Banque du Caire offering reflects the state’s vision of broadening ownership among citizens and investment institutions while improving the management of publicly owned companies.
Banque Misr sold existing shares in Banque du Caire as part of the transaction, retaining a 55% stake in the bank. Accordingly, the proceeds from the sale go to the selling shareholder rather than directly to Banque du Caire.
The offering also forms part of Egypt’s broader economic reform efforts under its $8 billion programme with the International Monetary Fund (IMF), which prioritizes reducing the state’s footprint in economic activity.
Madbouly reiterated that the government would pursue further offerings across promising economic sectors to advance economic reform, maximize the utilization of state-owned assets and expand the private sector’s role in the economy.
He also noted that the ceremony coincided with the 20th anniversary of the start of trading at the Egyptian Exchange’s current headquarters.
The prime minister thanked the institutions and teams involved in completing the transaction, describing the IPO as the outcome of sustained coordination and cooperation among the relevant authorities.
He concluded by wishing Banque du Caire and its new shareholders continued success, while expressing his hopes for further growth and stability for the Egyptian economy.
