Egypt is moving closer to one of its most closely watched state-owned bank listings, with Banque du Caire’s updated fair valuation reportedly reaching as much as EGP 80.5 billion, equivalent to roughly $1.58 billion, ahead of a potential initial public offering on the Egyptian Exchange.
The latest valuation represents an increase of around 2% from the previous estimate of approximately EGP 78 billion and comes as preparations accelerate for a possible listing before the end of 2026.
The government is reportedly considering offering between 30% and 40% of Banque du Caire, potentially making the transaction one of the most significant listings in Egypt’s ongoing state asset offering program.
However, the IPO has not yet formally launched, and the final stake size, offering price and timetable remain subject to completion of the necessary regulatory and transaction procedures.
Banque du Caire’s Valuation Rises to EGP 80-80.5 Billion
Independent financial adviser Baker Tilly updated Banque du Caire’s fair-value study using the bank’s financial statements through June 30, 2026.
The resulting valuation reportedly places the bank between EGP 80 billion and EGP 80.5 billion, equivalent to approximately $1.57-$1.58 billion at reported exchange rates.
The previous valuation was around EGP 78 billion, based primarily on the bank’s year-end 2025 financial position.
Updating the assessment became necessary because more than six months had passed since the earlier study, meaning the financial assumptions and underlying performance data needed to reflect more recent conditions.
Government Committee Approves Updated Valuation Methodology
A major procedural step was completed on September 10, 2026, when the government committee responsible for reviewing fair-value studies of state-owned companies unanimously approved the methodology used for Banque du Caire’s updated valuation.
The committee reviewed the methods and assumptions used in the study, including:
- financial projections;
- growth rates;
- discount rates;
- cost of capital; and
- compliance with Egyptian financial valuation standards.
Representatives from the Financial Regulatory Authority also confirmed that the updated study was consistent with applicable Egyptian valuation standards.
The approval does not mean the shares have been priced for sale yet.
Instead, it clears another stage in the process required before a portion of Banque du Caire can be offered on the Egyptian Exchange.
Egypt Could Offer 30% to 40% of Banque du Caire
The government is reportedly considering selling a stake of between 30% and 40% in Banque du Caire through the IPO.
At the upper end of the reported EGP 80.5 billion valuation, a 40% stake would represent approximately EGP 32.2 billion before considering the final pricing structure of the offering.
Reports have therefore suggested that the IPO could generate more than EGP 30 billion if the government proceeds with the larger end of the proposed stake range.
The final percentage has not yet been publicly confirmed.
The offering structure could also depend on demand from institutional and retail investors and the final valuation approved as the transaction reaches the market.
When Could Banque du Caire’s IPO Happen?
The current target is for Banque du Caire to list on the Egyptian Exchange before the end of 2026, with several reports pointing to the fourth quarter.
Investor roadshows had been pushed to September or October after an earlier plan to complete the offering by the end of June was delayed.
The delay was reportedly requested by the investment banks managing the transaction in order to reach a wider pool of potential investors after the quieter summer period.
The bank’s prospectus had already been prepared and submitted for review to Banque Misr, which owns Banque du Caire, and the Central Bank of Egypt.
A successful listing before year-end would therefore bring to a close a process that has faced several delays over the years.
EFG Hermes and CI Capital Are Advising on the IPO
EFG Hermes and CI Capital have been appointed as joint bookrunners and advisers for the proposed offering.
Their role includes helping structure and market the transaction and engaging with potential investors.
Baker Tilly, meanwhile, has served as the independent financial adviser responsible for the updated fair-value study.
Reports have indicated that a number of international investors and development institutions have expressed interest in participating in the offering, although no final investor allocations have been announced.
Who Owns Banque du Caire?
Banque du Caire is currently controlled by Banque Misr, another of Egypt’s major state-owned banks.
Banque Misr increased its ownership of Banque du Caire to approximately 99.99% in 2022, consolidating the bank under its ownership.
The planned IPO would therefore significantly broaden Banque du Caire’s shareholder base by opening ownership to private investors through the Egyptian Exchange.
The government has emphasized that stock-market offerings of state-owned businesses do not necessarily mean a full privatization or withdrawal of state ownership.
Instead, officials describe listings as a way to expand private-sector participation, increase transparency and governance, broaden ownership and deepen Egypt’s capital market.
Banque du Caire Is One of Egypt’s Major Banks
Founded in 1952, Banque du Caire is one of Egypt’s longstanding commercial banks.
Today, the bank serves more than four million customers, including over 1,000 corporate clients, and operates a nationwide network of approximately 249 branches and 1,710 ATMs, according to Banque du Caire.
The bank provides retail, corporate and digital banking services alongside a growing range of non-bank financial products.
Its scale is one reason the proposed IPO has attracted significant attention from investors.
A listing would give Egyptian Exchange investors access to another major banking institution while potentially increasing the weight of the financial sector within the market.
Stronger Financial Performance Supports the New Valuation
The updated valuation reflects Banque du Caire’s more recent financial performance rather than relying solely on its 2025 accounts.
The fair-value assessment was updated using financial statements through June 30, 2026, allowing the valuation to incorporate the bank’s latest operating and financial developments.
Reports around the valuation have pointed to continued growth in the bank’s deposits and profitability during the first half of the year.
That stronger performance helped push the estimated fair value from around EGP 78 billion to as much as EGP 80.5 billion.
Why the Banque du Caire IPO Matters for Egypt
The proposed listing is bigger than a single bank transaction.
Egypt has been working to expand private-sector participation in state-owned businesses and revive activity on the Egyptian Exchange through its broader government offerings program.
The government argues that listing stakes in major state assets can:
- attract new domestic and foreign investment;
- increase the Egyptian Exchange’s market capitalization;
- improve corporate governance and transparency;
- broaden public ownership;
- create additional investment opportunities for Egyptian individuals and institutions; and
- generate proceeds from state assets without necessarily surrendering full control.
The committee reviewing Banque du Caire’s valuation said the wider objective is to increase private-sector participation and make better use of state-owned assets while deepening Egypt’s capital markets.
Banque du Caire’s IPO Has Been Years in the Making
Banque du Caire’s listing has been discussed repeatedly over several years, making it one of Egypt’s longest-running planned state IPOs.
The offering has faced multiple delays as authorities waited for suitable market conditions and completed the regulatory, valuation and investor-marketing process.
In June 2026, the latest schedule pushed investor roadshows to September or October and shifted the target for completion to the end of the year.
The September valuation update and subsequent government approval therefore represent some of the clearest signs yet that preparations are moving forward again.
What Happens Next?
Several steps still need to take place before investors can actually buy Banque du Caire shares.
The final offering percentage must be determined, the IPO must complete regulatory procedures and the offer price will need to be established based on the final transaction structure and market conditions.
Investor roadshows and institutional demand will also help determine how the offering is ultimately priced and allocated.
For that reason, the EGP 80-80.5 billion figure should be understood as the bank’s latest reported fair valuation rather than the final IPO market capitalization.
Still, with the updated valuation methodology now approved and preparations underway for a possible 30%-40% offering, Banque du Caire is closer to the Egyptian Exchange than it has been at several previous points in the process.
If completed before the end of 2026, the IPO could become one of Egypt’s most significant state-backed listings of the year and an important test of investor appetite for the country’s renewed public offering program.
