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The long-awaited Banque du Caire stake sale could soon be kicking into gear: Banque Misr is preparing to appoint an advisor for the offering of its subsidiary Banque du Caire, with the decision to come in a matter of days, a senior banking source told EnterpriseAM.
What’s next: The advisor will determine the structure of the sale, including allocations for public and private placements, with the offering expected to occur in 1H 2025 — earlier than the 2H kickoff we’d heard about previously.
Emirates NBD is reportedly eyeing a stake: Emirates NBD is reportedly considering the acquisition of a controlling stake in BdC, with informed sources telling Al Mal that the bank is currently in the final stages of due diligence with the acquisition expected to go through in 1Q 2025.
A sale to a strategic investor could be a wise move: With the 2025 IPO climate shrouded in uncertainty, the odds of the state getting the best possible valuation (to say nothing of finding a good “corporate parent” for the bank) would be maximized by selling Banque du Caire to a qualified strategic — ideally an Emirati one, we previously noted.
IN CONTEXT- The (very welcome) strategic alliance between Egypt and the UAE is clearly maturing thanks to investments including the Modon-quarterbacked Ras El Hekma and Al Dahra’s ambitious plans in agriculture.
Nothing’s set in stone, though: Our source noted that multiple offers from investors and banks are currently under consideration, but refused to name any of the interested parties as all discussions remain in the early stages.
The sale has been a long time coming: Plans to list Banque du Caire have been floated — and repeatedly delayed — since 2018, with adverse market conditions often singled out as the culprit. Despite the stop-start nature of the privatization process, the government has continued to position BdC as a prime privatization target, with Prime Minister Moustafa Madbouly highlighting it last month as one of ten state-owned companies — alongside fellow banking sector stalwart Alexbank — as among those slated for stake sales in 2025.
