Finance Egypt’s United Bank set to raise $104m from listing By Pramod Kumar November 13, 2024, 9:06 AM Alamy via Reuters United Bank is expected to start trading on the Egyptian stock exchange by year-end, pending necessary regulatory approvals Egypt’s United Bank is set to raise between EGP4.2 billion and EGP5.1 billion ($85-104 million) through an initial public offering (IPO) on the Egyptian stock exchange. The bank set the indicative price range of EGP12.7 to EGP15.6 per share, according to local media reports. The final price will be determined through a book-building process. In October, state-owned United Bank announced its floatation plans, selling 330 million shares, or 30 percent of its capital, through an IPO. Of these shares, 95 percent, or 313.5 million, will be allocated to institutional investors, with the remaining 5 percent (16.5 million) offered to retail investors. Trading on the local stock exchange is expected to commence by year-end, pending necessary approvals from the Egyptian Financial Regulatory Authority and the Egyptian Exchange. United Bank’s total assets increased to EGP106 billion in June 2024 from EGP72 billion in 2021. Additionally, the bank’s profits grew to EGP1.7 billion in 2023 from EGP1.1 billion in 2021. The bank has 68 branches and 1,800 employees. In December 2022, Saudi Arabia’s Public Investment Fund (PIF) was said to be in advanced talks to acquire United Bank, Bloomberg reported. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
