Egypt’s Banque du Caire announced on Sunday its intention to float 30% of its issued share capital on the Egyptian Exchange (EGX), in an initial public offering (IPO) expected to conclude in November.
The offering will comprise a secondary sale of 4.575 billion existing ordinary shares currently held by the state-owned Banque Misr, the bank said in a statement. The transaction includes a private placement directed at qualified institutional investors globally—including in the United States under Rule 144A and outside the US under Regulation S—alongside a public offering for retail investors in Egypt.
The bank is in the process of securing regulatory clearances, including from the Financial Regulatory Authority (FRA) and the EGX. Subject to these approvals, the subscription period is scheduled for late October, with trading anticipated to begin in November.
“We are pleased to announce our intention to float Banque du Caire on the Egyptian Exchange, marking an important milestone in the Bank’s long-standing history,” said Hussein Abaza, Banque du Caire’s Managing Director and Chief Executive Officer. “As one of Egypt’s largest banks, Banque du Caire has built a well-established and diversified franchise across retail, corporate, SME and microfinance banking, supported by a differentiated approach focused on delivering profitable margins, disciplined risk and portfolio management, and maintaining a solid balance sheet. We look forward to welcoming new investors to Banque du Caire and to engaging with the market as we embark on the next phase of the Bank’s development as a publicly listed institution.”
CI Capital Investment Banking is acting as lead global coordinator and joint bookrunner, with EFG Hermes Promoting & Underwriting serving as joint global coordinator and joint bookrunner. Baker McKenzie LLP is acting as legal counsel for US and English law, while its member firm Helmy, Hamza & Partners is advising on Egyptian law.
The lender reported robust financial results for the first half of 2026, generating a net profit after tax of EGP 8.94bn, net interest income of EGP 18.79bn, and net fee and commission income of EGP 3.42bn. The bank’s total assets reached EGP 561.22bn as of 30 June 2026, supported by gross loans of EGP 280.25bn and total deposits of EGP 443.87bn. Total equity stood at EGP 66.82bn.
Banque du Caire recorded an annualised net interest margin of 7.4% and a return on average equity of 27.6% in the first half of the year. The bank maintained a total capital adequacy ratio of 22.1%. Its liquidity coverage ratio and net stable funding ratio were reported at 841% and 172%, respectively, as of 30 June 2026.
The planned listing follows a multi-year transformation programme launched in 2018. Over this period, the bank increased its current account savings account (CASA) ratio from 35.2% in 2017 to 53.4% of total deposits by mid-2026. The cost-to-income ratio improved from 48.7% in 2017 to 35.9% in the first half of 2026. Asset quality also strengthened, with the non-performing loan ratio dropping from 5.0% in 2017 to 3.7% in mid-2026, or 2.5% when excluding legacy loans.
Established over 70 years ago, Banque du Caire currently operates a network of 242 branches—factoring in planned openings for late 2026 and 2027—and 2,205 ATMs across all 27 governorates, serving approximately 3.2m customers. The bank has expanded its digital footprint, growing its mobile banking customer base to 1m users, with transaction volumes reaching EGP 24.5bn in the first half of 2026. Point-of-sale terminals increased from 571 in 2022 to 13,410 by mid-2026, processing EGP 13.8bn in transactions, while QaheraCash mobile wallet users reached 471,000. In July 2026, the bank migrated its core banking system to Temenos Transact (T24) R22.
As of 30 June 2026, the bank’s corporate direct loans amounted to EGP 115bn, while retail loans, excluding microfinance, totalled EGP 98.1bn. SME loans reached EGP 20.9bn across 10,585 customers. Microfinance loans stood at EGP 8.8bn, encompassing approximately 145,000 customers and capturing a 14.0% market share as of May 2026, according to I-Score. The Financial Institutions division held total assets of EGP 69bn, while the Treasury and Capital Markets division managed EGP 212.2bn in assets.
The IPO announcement noted Egypt’s broader macroeconomic reform momentum, citing the country’s nominal GDP at $365bn in 2025 and an IMF forecast of a 4.9% compound annual growth rate from 2026 to 2030. Despite net international reserves reaching $56.3bn in July 2026 and improving credit default swap rates, the Egyptian banking sector remains underpenetrated, with only 43% of the population over 15 holding bank accounts in 2024.
Banque du Caire’s operations are led by CEO Hussein Abaza, a former banking executive who joined in 2024. The leadership team includes Deputy CEOs Bahaa El-Shafie, Hisham M. Abdelaal, and Ahmed Effat, alongside Chief Risk Officer Hala El Kasar, Chief Treasury Officer Mohamed Aly, and Chief Financial Officer Mohamed Ibrahim.
Looking ahead, the bank intends to drive cross-selling initiatives and grow its non-interest banking income, which accounted for 17.8% of net banking income in 2025. BdC also aims to monetise its non-borrowing customer base and expand tailored solutions for mid-cap customers to further increase its market share.
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