African Export-Import Bank considers London IPO

The African Export-Import Bank (Afreximbank) is considering an initial public offering (IPO) of global depositary receipts on the London Stock Exchange (LSE).

The Cairo-headquartered bank said it is considering the London listing to fund its expanding operations and take advantage of growing trade across Africa.

Founded by a group of African governments and investors in 1993, Afreximbank was created ‘to facilitate, promote and expand intra and extra-African trade’.

“Afreximbank is very much at the epicentre of Africa’s trade, which is expected to grow rapidly,” said president Benedict Oramah.

“We are in a key position to leverage our existing relationships with the African Union and its 55 member countries to provide a platform for trade and investment flows across the continent,” he added.

Already listed in Mauritius, Afreximbank is set to make a decision on the London IPO later this year.

A source close to the process said London remained a compelling destination for Afreximbank to raise capital despite lingering uncertainty around the UK’s exit from the European Union.