CAIRO - 3 December 2024: Demand for the United Bank’s public offering reached 974.3 million shares, vastly exceeding the 16.5 million shares available, resulting in a 59.048x oversubscription as the subscription period closed.
The public offering represents 5% of the bank’s total shares, accounting for 1.5% of its overall equity. United Bank, with a paid-up capital of EGP 5.5 billion, is divided into 1.1 billion shares, each with a nominal value of EGP 5. The Central Bank of Egypt (CBE) holds the majority of the bank’s shares, with 99.998 million shares, while the remainder is owned by employee funds at CBE and the National Bank of Egypt.
Looking ahead, United Bank has set ambitious profit targets, with plans to reach a net profit of EGP 3.071 billion by the end of 2025, growing to EGP 6.681 billion by 2028.
This IPO marks Egypt’s first since 2021 and signals a revival of the country’s privatization efforts. The offering is part of the government’s broader strategy to reduce its role in the economy, attract foreign investment, and divest assets in key sectors, including banking, energy, and real estate, to stimulate economic growth.
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