الهيئة العامة للرقابة المالية

Dr. Islam Azzam, FRA  Chairman: Banque du Caire Listing Journey Reflects Highest Levels of Institutional Coordination

• Unwavering Support for the State Ownership Policy and Government IPO Program
• Trading Banque du Caire Shares Marks a Key Step in an Ambitious Drive to Enhance Asset Management Efficiency and Broaden Ownership Base
• The Event Holds Exceptional Significance Given the Offering’s Massive Scale and Strong Investor Demand

Dr. Islam Azzam, FRA Chairman, participated today in the traditional bell-ringing ceremony at the historic headquarters of the Egyptian Exchange (EGX) to mark the start of trading on Banque du Caire’s (BdC) shares.

Prime Minister Dr. Moustafa Madbouly attended the ceremony, signaling a major execution milestone under Egypt’s State Ownership Policy Document and its broader government privatization program.

The event gathered key leaders from across Egypt’s financial sector, including Central Bank of Egypt Governor Hassan Abdallah; Dr. Hashim El Sayed, Assistant to the Prime Minister and Head of the State-Owned Enterprises Unit; Omar Radwan, EGX Chairman. In addition to Mohamed El-Etreby, CEO of National Bank of Egypt; Hesham Okasha, CEO of Banque Misr; and Hussein Abaza, CEO of Banque du Caire, alongside senior executives from the banking and capital markets sectors.

In his keynote address, Dr. Islam Azzam highlighted that listing Banque du Caire represents a pivotal landmark in an ambitious strategy designed to optimize asset management, widen the ownership base, attract strategic growth investors, expand market capitalization and deepen market liquidity—ultimately driving structural reforms and strengthening national economic competitiveness.

He noted that Banque du Caire’s listing journey reflected an exceptional level of coordination and integration among key stakeholders—led by the Financial Regulatory Authority (FRA), the State-Owned Enterprises Unit, the joint lead managers (investment banks), the legal advisor, the Egyptian Exchange (EGX), and Misr for Central Clearing, Depository and Registry (MCDR). This joint effort focused on fulfilling prospectus disclosures and data requirements, reviewing aspects related to the share’s fair value, completing necessary regulatory documentation for the offering, and coordinating procedures for listing, trading, and settlement.

Underscoring Banque du Caire’s deep-rooted heritage and systemic importance within the Egyptian-banking sector, Dr. Islam Azzam noted that the listing adds a premier banking institution backed by robust financial performance. By year-end 2025, BdC’s total assets reached EGP 533 billion, with a loan portfolio of EGP 258 billion and customer deposits standing at EGP 401 billion. Net profit surged 30% year-on-year to EGP 16.1 billion, while maintaining a sound Capital Adequacy Ratio (CAR) of 22.06%.

FRA Chairman further noted the historic scale and overwhelming investor appetite for the transaction. The offering comprised 45% of the bank’s total share capital, generating an aggregate transaction value of approximately EGP 36.4 billion at a final offer price of EGP 5.30 per share—implying an equity market capitalization of EGP 80.8 billion for the bank. Institutional tranche demand hit EGP 205.8 billion, representing an oversubscription rate of nearly 6x, while the retail tranche was oversubscribed by 27x.

From a capital markets perspective, the inclusion of Banque du Caire injects EGP 80.8 billion in market capitalization into the EGX, representing roughly 2.1% of the total market cap of listed companies as of the last trading session. This milestone substantially enhances market depth, broadens sectoral representation, and reinforces market attractiveness for both local and international investors and boosts confidence in Egyptian market opportunities.

Dr. Islam Azzam reaffirmed the FRA’s commitment to facilitating the executive roadmap for the second phase of the State Ownership Policy. He stressed that the authority’s mandate extends beyond regulating offerings to creating a transparent, fair, and equitable investment environment that safeguards investor rights and guarantees equal opportunity for all market participants.

He concluded by outlining FRA’s three-pillar strategy in support of the government’s IPO program: streamlining regulatory processes while ensuring strict legal compliance; proactively engaging market participants to resolve operational hurdles; and building institutional capacity across target IPO companies. Through its educational arms—the Financial Services Institute and the Egyptian Institute of Directors—FRA has already trained 118 executives across 34 state-owned including both provisionally listed firms and those targeted for listing in the upcoming phase.