Egypt to sell United Bank stake by end of March, c.bank says

Egypt's central bank plans to sell shares of the state-owned United Bank through an initial public offering (IPO) by the end of March.

While the size of the stake hasn't been disclosed, the bank is seeking necessary approvals from the stock exchange and the Financial Regulatory Authority.

United Bank's assets have grown to 106 billion Egyptian pounds ($2.2 billion) as of June, with a net profit increase to 1.74 billion pounds in 2023.

This move is part of Egypt's strategy to divest $3.6 billion in state assets as part of an $8 billion agreement with the International Monetary Fund.