An additional 28 per cent will be sold in an initial public offering and 5 per cent will be distributed among the bank’s employees.
Banque Misr, which owns Banque du Caire, initially announced it would sell 80 per cent of the bank to a strategic investor. JP Morgan is the advisor on the sale. (MEED 12:10:07).
Banque du Caire has 215 branches and 2 million clients. With a market share of 6 per cent in terms of total assets and deposits, it is the country’s third largest bank.