State-owned United Bank will list on the Egyptian stock exchange on Thursday, the bourse said on Wednesday, a further step towards a rare privatisation of an Egyptian lender.
United Bank's 1.1 billion shares will be listed at 5 Egyptian pounds © Mena Today
State-owned United Bank will list on the Egyptian stock exchange on Thursday, the bourse said on Wednesday, a further step towards a rare privatisation of an Egyptian lender.
The central bank announced last month it would sell shares in United Bank in an initial public offering by March.
United Bank's 1.1 billion shares will be listed at 5 Egyptian pounds ($0.103) each, valuing the bank at 5.5 billion Egyptian pounds, the exchange said.
Along with Arab African International Bank and Banque du Caire, United Bank was one of three state banks the government placed on a list in early 2023 for potential sale.
Egypt in 2021 sold a 51% stake in Arab Investment Bank, its first privatisation of a bank in more than a decade.
United Bank made a net profit of 1.74 billion Egyptian pounds in the financial year to end June on assets of 106 billion Egyptian pounds, the central bank said in September.
($1 = 48.6600 Egyptian pounds)
Reporting by Patrick Werr
Egypt has urged all parties in Syria to work toward preserving the country’s state capabilities and national institutions, following the surprising ousting of President Bashar al-Assad by rebel forces.
The race for UNESCO’s top position is heating up, with Khaled El-Enany, Egypt’s former Minister of Tourism, emerging as a strong contender.
Egyptian President Abdel-Fattah El-Sisi began his European tour with a state visit to Denmark, meeting King Frederik X in Copenhagen on Friday.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.