Cairo - Mubasher: The Central Bank of Egypt (CBE) has decided to offer a stake in the United Bank (UB) shares on the Egyptian Stock Exchange (EGX), according to a press release.
The CBE is currently working to secure the required approvals related to the offering, including the approvals of the Financial Regulatory Authority (FRA) and the EGX.
Meanwhile, the offering is expected to be completed before the end of the first quarter (Q1) of 2025, subject to market conditions and the timely receipt of the relevant regulatory approvals.
The lender has an established position among Egyptian banks due to its diverse product range and customer base, including retail, institutions, small and medium-sized enterprises (SMEs), and Islamic banking services.
The United Bank and its non-banking arm operate through a broad network of 68 branches, 225 ATMs, and advanced digital channels, with 1,800 employees.
The bank's total assets increased to EGP 106 billion in June 2024 from EGP 72 billion in 2021, while the net profits grew EGP 1.74 billion as of 31 December 2023 from EGP 1.14 billion in December 2021.
