The Central Bank of Egypt announced today, Sunday, its intention to offer a share of the United Bank’s shares on the Egyptian Stock Exchange in an initial public offering expected to take place before the end of the first quarter of 2025.
The bank did not mention the size of the stake, but said it was “currently working to obtain the required approvals related to the offering, including approvals from the Financial Regulatory Authority and the Egyptian Stock Exchange.”
End of Offering
The bank added that “the offering is expected to take place before the end of the first quarter of 2025, subject to market conditions and obtaining relevant regulatory approvals in a timely manner.”
“The bank’s total assets grew from EGP 72 billion in 2021 to EGP 106 billion ($2.2 billion) in June 2024,” the central bank statement said.
He added that the bank’s net profits rose “from EGP 1,145 million in the year ending December 2021 to EGP 1,742 million ($36.3 million) by the end of December 2023.”
United Bank has 68 branches with approximately 1,800 employees.
The central bank had sent a request for proposals to investment banks in March 2023 to act as an advisor on the stake sale after failing to reach an agreement with the Saudi wealth fund on acquiring a stake.
In early 2023, the Egyptian government put its stakes in United Bank, Arab African International Bank and Banque du Caire on the potential sale list.
For sale
Egypt is seeking to sell $3.6 billion in dollar-denominated government assets in the fiscal year ending next June, as part of an $8 billion financial support agreement it signed in March with the International Monetary Fund.
Egypt said it would sell additional assets in dollars or Egyptian pounds equivalent to 0.5% of GDP.
