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Egypt raises over $650 million in IPO of state-owned bank

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Egypt on Monday raised more than 650 million dollars in its initial public offering of the state-owned Banque du Caire. The offering comes as the country advances reforms under an International Monetary Fund programme to boost private sector participation in Egyptian economy.

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This story was published by Africanews on November 2, 2026 and curated on Africa Front.

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African Business, African Technology, Egypt News, African Economy, Arts & Culture, South Africa News

November 2, 2026

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Egypt raises over $650 million in IPO of state-owned bank

Egypt on Monday raised more than $650 million in its initial public offering of the state-owned Banque du Caire, marking one of the biggest asset sales in years as international lenders push a privatisation drive.

The offering comes as Egypt advances reforms under an International Monetary Fund (IMF) programme aimed at boosting private sector participation and reducing the state's role in the economy.

The government has previously said it plans to sell stakes in over 30 state-owned companies under commitments linked to its IMF support programme.

The bank's majority shareholder, Banque Misr, sold 6.86 billion shares, representing 45% of Banque du Caire, at 5.30 Egyptian pounds per share, according to the final offer announcement.

The sale raised about 36.37 billion pounds ($658 million) and valued the lender at around 80.83 billion pounds ($1.46 billion).

In June, authorities granted preliminary listings to four state-owned companies ahead of planned stock market offerings by May 2027.

Prime Minister Moustafa Madbouly said Monday's listing came despite regional tensions and underscored the government's commitment to "continuing its programme of state asset offerings, aiming to unlock greater value from public assets".

The bank's chief executive Hussein Abaza meanwhile told AFP that "this is an IPO that's been more than 20 years on and off", citing the Covid-19 pandemic and wars in Ukraine and Gaza as hurdles.

"It's a sign of confidence in the stock market itself. It's also a sign that the country is serious about privatisation," he added.

Founded in 1952, Banque du Caire is Egypt's third-largest state-owned bank.

The International Finance Corporation and the European Bank for Reconstruction and Development (EBRD) were among the top investors in the IPO.

The EBRD said in a statement it had invested $100 million in Banque du Caire, acquiring a 6.9% share.

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