United Bank’s IPO is in motion: United Bank has officially submitted a request to list its shares on the EGX as the central bank pushes ahead with its plan to sell a stake in the lender in an initial public offering before the end of 1Q 2025, according to an EGX bulletin.

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The details: The bank is planning to list 1.1 bn shares with a nominal value of EGP 5 per share — bringing its total issued capital to EGP 5.5 bn. While the size of the stake in proportional terms was not disclosed, we’ve been expecting the CBE to offer anywhere between 30% and up to 49% of the lender.

What’s next? The lender is in the process of finalizing the necessary paperwork ahead of presenting it to the EGX’s listing committee.

ICYMI: The Central Bank of Egypt — which owns 99.9% of the United Bank — announced lastmonth that it would offer a stake of United Bank’s shares on the bourse. The lender’s CEO Ashraf El Kady previously said that the IPO will be promoted to investors across the Gulf, Europe, and the US.

The central bank remains on the lookout for a strategic investor: The central bank remains on the hunt for a strategic investor to acquire a majority stake in the lender, a senior banking source previously told EnterpriseAM, adding that offering a portion of the bank on the EGX will make it more appealing to potential investors.

A long time coming: The CBE first announced its plan to sell the bank in 2017, but the Covid pandemic put the plans on ice. United Bank was also listed in the lineup of state companies and assets earmarked for privatization in the rebooted privatization program unveiled in February 2023.

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