CAIRO - 22 September 2024: The Central Bank of Egypt (CBE) has decided to offer a stake in the United Bank’s (UB) shares on the Egyptian Exchange (EGX) and is currently working to obtain the necessary approvals for the offering, including those from the Financial Regulatory Authority (FRA) and the EGX.
In a statement, the CBE said that the offering is expected to take place before the end of the first quarter of 2025, taking into account market conditions and obtaining the relevant regulatory approvals in a timely manner.
It added that the United Bank is one of the Egyptian banks with a strong position in the banking sector due to its diverse product offerings and a customer base that includes individuals, companies, and small to medium-sized enterprises.
The bank also provides Islamic banking services and others through a highly skilled workforce, in addition to its commitment to sound governance practices and international best practices that align with current rules and regulations, as well as its outstanding performance and sustainable growth.
The United Bank and its non-banking financial arm have an extensive network of 68 branches and 225 ATMs, along with advanced digital channels, employing approximately 1,800 staff members. The bank's total assets have grown from LE 72 billion in 2021 to LE 106 billion by June 2024.
The bank’s profits increased from LE 1.145 billion in the year ending December 2021 to LE 1.742 billion by the end of December 2023.
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