URGENT: Egypt c.bank plans United Bank stake IPO

The Central Bank of Egypt (CBE) announced on Sunday its intention to offer a stake of United Bank’s shares on the Egyptian Exchange (EGX).

The central bank is currently working on getting approvals from the Financial Regulatory Authority (FRA) and the EGX to start the initial public offering (IPO) process.

Completion of the IPO is expected to take place before the end of the first quarter of 2025, subject to market conditions and the timely receipt of the relevant regulatory approvals, the CBE statement read.

The United Bank of Egypt established itself as a prominent player in the Egyptian banking sector, offering a diverse range of products and services to retail customers, institutions, small and medium-sized enterprises (SMEs), and those seeking Islamic banking solutions. It has achieved significant financial growth in recent years. Total assets have increased from 72 billion Egyptian pounds in 2021 to 106 billion pounds in June 2024. Additionally, the bank’s profits have grown steadily from 1,145 million pounds in 2021 to 1,742 million pounds in 2023.

Attribution: CBE statement

Subediting: M. S. Salama