Egypt's Banque du Caire expects to sell minority stake by early 2020

CAIRO (Reuters) - The head of Egypt's state-owned Banque du Caire told reporters on Tuesday that he expects to sell 30-40% of the bank by the end of 2019 or in early 2020.

A deal to sell the bank was cancelled in 2008 and an initial public offering has been postponed repeatedly over the past three years.

"We plan to offer 30-40% of the shares in the bank in principle through a capital increase and the sale of a stake to a strategic investor," Chairman and CEO Tarek Fayed said.

(Reporting by Ehab Farouk; Writing by Patrick Werr; Editing by David Goodman)

2019-08-20 13:53:52

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