Banque du Caire plans to raise up to USD 400 mn in IPO
Banque du Caire plans to raise up to USD 400 mn in IPO, eyes potential dual listing: Banque du Caire is expecting to raise between USD 300 mn and USD 400 mn when it sells a 20-30% stake on the EGX in its planned IPO, Chairman and CEO Tarek Fayed told reporters, according to Reuters. The state-owned lender is discussing with IPO managers EFG Hermes and HSBC on possibly going ahead with a dual listing, Fayed said, according to Masrawy. The roadshow for the forthcoming listing will focus mostly on the Gulf, US, and Europe as the majority of the IPO will be a private placement targeting Gulf and international lenders. Fayed declined to specify a timeline for when the offering will go to market, but Central Bank of Egypt Governor Tarek Amer had said last week that the IPO would take place by year-end.
CBE gives regulatory greenlight for BdC’s internet banking: The central bank has also granted Banque du Caire a license to offer internet banking for its customers, Fayed said, according to Masrawy. The bank also expects to begin offering mobile banking services within three weeks. Mobile and internet banking services are part of the bank’s turnaround strategy, which will see BdC become a digital acquirer bank through a QR code, pending license from the CBE, Fayed told Enterprise in a wide-ranging interview we published last week.