The Central Bank of Egypt (CBE) announced plans to list a stake of the United Bank’s (UB) shares on the Egyptian Exchange (EGX) and is currently seeking the required approvals for this offering, including those from the Financial Regulatory Authority (FRA) and the EGX.
In its statement, the CBE indicated that the offering is anticipated to occur before the conclusion of the first quarter of 2025, contingent upon market conditions and timely receipt of the necessary regulatory approvals.
The CBE highlighted that the United Bank holds a robust position within the Egyptian banking sector, thanks to its diverse range of products and its customer base, which encompasses individuals, corporations, and small to medium-sized enterprises.
Additionally, the bank offers Islamic banking services and other products through a skilled workforce, maintaining a commitment to sound governance and international best practices that align with current regulations, alongside demonstrating exceptional performance and sustainable growth.
The United Bank, along with its non-banking financial division, boasts a comprehensive network of 68 branches and 225 ATMs, as well as advanced digital channels, employing around 1,800 personnel. The bank's total assets surged from EGP 72 billion in 2021 to EGP 106 billion by June 2024.
Moreover, the bank’s profits rose from EGP 1.145 billion in the fiscal year ending December 2021 to EGP 1.742 billion by the end of December 2023.
