CBE to sell stake in United Bank on local stock exchange

The Central Bank of Egypt (CBE) has announced plans to sell a stake of its shares in United Bank (UB) on the Egyptian Exchange (EGX), according to a statement released on Sunday. The offering is expected to take place before end of 1Q25, depending on the granting of necessary approvals to CBE from the Financial Regulatory Authority and EGX. UB and its non-banking arm operate through a vast network of 68 branches, 225 ATMs and 1,800 employees. The bank reported total assets of EGP106bn (USD2.2bn) in Jun 2024, up from EGP72bn in 2021. UB also achieved profit of EGP1.742bn (USD36mn) by end of Dec 2023, a 52% increase from profit in Dec 2021. (CBE)