The Central Bank of Egypt has decided to offer a stake in United Bank’s (UB) shares on the Egyptian Stock Exchange, and is currently working on obtaining the required approvals related to the offering, media reports said.
The approvals required include that from the Financial Regulatory Authority and the Egyptian Stock Exchange.
Completion of the Offering 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 United Bank, a leading Egyptian bank, offers a diverse range of products, including retail, institutions, and small and medium-sized enterprises (SMEs).
It also provides Islamic banking services, and other banking products.
The United Bank and its non-banking arm operate through a broad network that includes 68 branches, 225 ATMs, advanced digital channels, and thrive through 1800 employees.
The bank’s total assets increased from EGP 72 billion in 2021, to EGP 106 billion in June 2024.
Additionally, the bank’s profits grew from EGP 1,145 million in December 2021, to reach EGP 1,742 million by the end of December 2023.
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