Egypt's United Bank to list on Cairo stock exchange on Oct. 24

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)