{"id":655511,"date":"2024-11-19T00:00:00","date_gmt":"2024-11-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/19\/united-bank-is-all-set-to-ipo-tomorrow\/"},"modified":"2024-11-19T00:00:00","modified_gmt":"2024-11-19T00:00:00","slug":"united-bank-is-all-set-to-ipo-tomorrow","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/19\/united-bank-is-all-set-to-ipo-tomorrow\/","title":{"rendered":"United Bank is all set to IPO tomorrow"},"content":{"rendered":"

Good morning folks, and happy Tuesday.<\/strong> Buckle in for your daily shot of news and views \u2014 with a Gladiator retrospective thrown in just for fun.<\/p>\n

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THE BIG STORY TODAY-<\/p>\n

You can start snapping up shares of United Bank tomorrow: <\/strong>United Bank will kick off its planned offering<\/a> of 330 mn shares \u2014 a 30% stake \u2014 on the EGX tomorrow, with the bank offering shares for up to EGP 15.6 a pop, according to a bourse statement (pdf)<\/a>. The first tranche will see 313.5 mn shares \u2014 95% of those on offer \u2014 made available for private placement beginning tomorrow and running until 25 November. The remaining 16.5 mn shares slated for the public offering will be up for grabs between 27 November and 3 December.<\/p>\n

PLUS- Fitch Ratings upgrades four local banks\u2019 credit ratings:<\/strong> Credit ratings agency Fitch has upgraded<\/a> the credit ratings of the four Egyptian banks within its purview, including the National Bank of Egypt, Banque Misr, CIB, and Banque du Caire. The upgrades come on the heels of Egypt\u2019s recent sovereign credit rating upgrade<\/a> and reflect \u201cthe strong correlation of the banks\u2019 creditworthiness with that of the Egyptian sovereign, given the banks\u2019 significant sovereign exposure,\u201d according to Fitch.<\/p>\n

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THE BIG STORY ABROAD-<\/p>\n

The international press is all over the shop this afternoon<\/strong>, with aid pledges to the developing world at the G20, rumblings of potential ceasefire negotiations in Lebanon, and a seemingly endless stream of new Trump administration appointees gracing international headlines.<\/p>\n

Over in Russia, Putin is upping the nuclear ante amid rising tensions with the US: <\/strong>Russian President Vladimir Putin has lowered the bar for launching nuclear strikes after reports surfaced of US-approved Ukrainian missile attacks into Russian territory, Reuters<\/a> reports. The Kremlin\u2019s updated nuclear doctrine would allow nuclear retaliation against conventional threats to Russia\u2019s or Belarus\u2019s sovereignty, marking a stark shift from Russia\u2019s previous policy announced in 2020, which reserved the use of nuclear weapons for responses to nuclear attacks or conventional attacks that threatened the existence of a state.<\/p>\n

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