Egypt to sell United Bank stake next year

Egypt’s central bank intends to list the state-run United Bank on the local stock exchange in the first quarter of 2025.

United Bank | United Bank’s total assets increased to EGP106 billion ($2.2 billion) in June 2024 from EGP72 billion in 2021

The central bank is working to secure approvals from the Financial Regulatory Authority and the Egyptian stock exchange to launch the initial public offering (IPO), the UAE state-run Wam news agency reported.

Details of the IPO were not given.

In December 2022 Saudi Arabia’s Public Investment Fund (PIF) was in advanced talks to acquire United Bank, Bloomberg reported.

PIF has set up a company in Egypt to invest in the country’s promising sectors, extending a policy of pumping money into the Egyptian economy.

United Bank’s total assets increased to EGP106 billion ($2.2 billion) in June 2024 from EGP72 billion in 2021. Additionally, the bank’s profits grew to EGP1.7 billion in 2023 from EGP1.1 billion in 2021.

The bank has 68 branches and 1,800 employees.

In a staff report released in April, the International Monetary Fund projected that Egypt could raise a total of $2.8 billion from sell-offs in the current financial year, which ends in three weeks, and a further $3.6 billion during 2024-25

Pramod Kumar