The Egyptian Stock Exchange has approved on Wednesday a request filed by Banque Du Caire to offer its shares through an initial public offering (IPO), with a capital of EGP2.25bn. In a statement, the stock exchange said the bank’s IPO will be issued in two parts: one worth EGP1.6bn and the other worth EGP650mn. Sources told Al Ahram newspaper on Saturday that the bank's IPO is expected to be issued in May 2017. In March 2016, CBE Governor, Tarek Amer, announced that Egypt would float parts of the two state-owned lenders, United Bank of Egypt and Banque du Caire. Banque du Caire has a paid-in capital of EGP1.6bn as of end-2015. The bank has a network of c240 branches in Egypt. (Al Mal)