Afreximbank sponsored a stall at the Russia-Africa Economic Forum in Sochi last week. The bank cited “unfavourable market conditions” as it withdrew its listing plans

A bank that provides trade finance across Africa has become the latest group to withdraw plans for a London listing.

The African Export-Import Bank, known as Afreximbank, said yesterday that it was postponing its initial public offering “in light of unfavourable market conditions”. It had been planning to raise about $250 million from a flotation that could have valued it at about $2.5 billion.

Only this month Afreximbank announced plans to list global depositary receipts in London. The Cairo-based lender was set up in 1993, operates in 51 of Africa’s 55 countries and has provided about $69 billion of trade finance support. It is already listed in Mauritius.

The decision to pull its London float compounds a tough year for the City. According to EY,