CBE appoints Barclays as an international advisor for the United Bank deal

CAIRO - 18 May 2023: Barclays Bank was hired by The Central Bank of Egypt (CBE) 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.

United Bank is one of the 32 state-owned companies the Egyptian government listed as part of its IPO program. The CBE did not disclose further details on the transaction yet.

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.

The CBE’s Monetary Policy Committee (MPC) is scheduled to meet today to review key interest rates, economic experts predicted that the interest rates will remain unchanged. This is because Egypt’s inflation rates showed a remarkable decline in April.