IPO WATCH- Banque du Caire will IPO in 3Q2018, CBE Governor Tarek Amer said in a statement to the press at the Business for Africa and the World Summit on Thursday, Al Borsa reports. Amer did not provide further details on the planned IPO, which was initially expected to take place this fall, but was delayed as a result of the central bank’s shakeup of management at state-owned banks. Government officials had said at the time that the bank’s new leadership would be key to promoting the original offer. The EGX had approved in February BdC’s request to list 562.5 mn shares at par value of EGP 4 per share. Industry types had later said the government is considering selling up to 49% of Banque du Caire as part of the IPO process, including 5% which would trade a global depositary receipts on the London Stock Exchange. EFG Hermes and HSBC are managing the issuance, while Baker McKenzie has been tapped as legal advisor.

Separately, Amer said that the sale of United Bank still needs more time as the bank’s restructuring process is still in progress.