Login to your account

Username *
Password *
Remember Me

Egypt will float parts of two state-owned lenders on the Egyptian stock exchange this year and sell a stake in state-owned United Bank of Egypt, the central bank governor Tarek Amer said.

 

The sale of part of state-owned United Bank to a strategic investor is already underway, with the transaction to be completed before the year's end, Amer said in a televised interview on Saturday night.

 

Public lender Banque du Caire will also seek a capital increase on the stock exchange by floating a 20 percent stake before the end of the year, according to Amer.

 

Egypt and Kuwait will each offer a 20 percent stake on the Cairo bourse of the Arab African International Bank, a joint 50/50 owned venture this year between the Central Bank of Egypt and Kuwait Investment Authority, said Amer.

 

"We want to strengthen the bourse, to make it attractive [to investments]," added Amer.