Cairo, Egypt — Egypt’s central bank is preparing to list the state-run United Bank on the local stock exchange in the first quarter of 2025. The bank’s initial public offering (IPO) is currently pending approvals from the Financial Regulatory Authority and the Egyptian stock exchange, according to reports from the UAE state-run Wam news agency.
The details surrounding the IPO have yet to be disclosed. In December 2022, Saudi Arabia’s Public Investment Fund (PIF) was reportedly in advanced negotiations to acquire United Bank, signaling significant interest in the institution.
As of June 2024, United Bank’s total assets had risen to EGP106 billion (approximately $2.2 billion), up from EGP72 billion in 2021. The bank has also seen its profits increase from EGP1.1 billion in 2021 to EGP1.7 billion in 2023. It operates 68 branches and employs around 1,800 staff.
The International Monetary Fund (IMF) has projected that Egypt could generate $2.8 billion from asset sell-offs in the current financial year, which ends in just three weeks, and an additional $3.6 billion during the 2024-25 fiscal year.
