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Egyptian Banks Pursue United Bank Stakes Amidst IPO Progress

Due DiligenceEgyptian Banks Pursue United Bank Stakes Amidst IPO Progress

Three Egyptian banks are currently conducting due diligence to purchase stakes in the United Bank. This information comes from reports by Ashraq Business and local media, citing unnamed sources.

The United Bank is one of the 32 state-owned companies listed in Egypt’s IPO program.

Barclays Bank has been selected by the Central Bank of Egypt (CBE) to act as the international sell-side advisor for the sale of CBE’s 99% stake in the United Bank. Local financial advisory firm CI Capital will work alongside Barclays.

Julie Kozack, head of the IMF’s Communication Department, praised Egypt in July 2023 for its advancement in the IPO program. The country has completed 25% of the fourth phase and has sold $1.9 billion worth of equity stakes in state-owned entities.

The United Bank was established in June 2006 through the merger of three banks: The Egyptian United Bank, The Nile Bank, and Islamic International Bank for Investment and Development.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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