Egypt has selected the local EFG Hermes and the UK’s HSBC as consultants for the planned public listing of state-owned Banque Du Caire, several local banking sources have told MEED.

It is understood the state is looking to list 20 per cent of the its third largest government-owned bank.

The sources have also told MEED the initial public offering (IPO) is set to take place in the first six months of next year.

In January this year, Cairo announced that it planned to sell shares of “successful” state-owned firms and banks to the public, the first such move since 2005, when it offered shares in Telecom Egypt, Sidi Kerir Petrochemicals and Alexandria Mineral Oils Company (AMOC).

Egyptian press has since reported that Cairo is lining up 17 or 18 state-owned companies for IPOs, which are thought to include banks as well as petroleum, petrochemicals and electricity firms. National Investment Bank subsidiary NI Capital is helping in the preparation of possible share sales.