Local banks begin due diligence to acquire stake in United Bank

CAIRO - 21 August 2023: Three Egyptian local banks have started due diligence to acquire stakes in the United Bank, according to Ashraq Business and local media reports that cited unnamed sources.

United Bank is one of the 32 state-owned companies the Egyptian government listed as part of its IPO program.

The Central Bank of Egypt (CBE) hired Barclays Bank as an international sell-side advisor for the sale of its 99% stake in the state-owned United Bank. Barclays will work alongside local financial advisor, CI Capital.

In July 2023, Julie Kozack, head of the IMF's Communication Department, applauded Egypt’s progress on its IPO program. Egypt accomplished 25% of the fourth phase of its IPO Program, and sold equity stakes in state-owned entities worth $1.9 billion, with more deals to be announced soon.

The CBE established The United Bank in June 2006 as part of its reform strategy in Egypt. This took place through the merger of three banks: The Egyptian United Bank, The Nile Bank, and Islamic International Bank for Investment and Development.