Central bank is currently working on obtaining the required approvals related to the offering United Bank’s total assets increased from 72 billion Egyptian pounds in 2021, to 106 billion pounds in June RIYADH: Egypt’s central bank plans to sell shares in state-owned The United Bank in an initial public offering on the stock exchange by the end of the first quarter of 2025. The central bank is currently working on obtaining the required approvals related to the offering, including the permissions of the Financial Regulatory Authority and the Egyptian Stock Exchange, according to a statement. The United Bank’s total assets increased from 72 billion Egyptian pounds ($1.48 billion) in 2021, to 106 billion pounds in June. The bank’s profits also grew from 1.15 billion pounds in December 2021, to reach 1.75 billion pounds by the end of December 2023. The move aligns with the Central Bank of Egypt’s vision for sustainable development, which is embedded in the principle of sustainable finance. It aims to support development goals while fostering long-term stability across the economy, environment, and society as a whole. The statement further revealed that completion of the offering is subject to market conditions and the timely receipt of the relevant regulatory approvals. The United Bank stands out among Egyptian financial institutes due to its wide array of products and diverse customer base, which includes retail clients, institutions, small and medium-sized enterprises, and Islamic banking services. The bank also follows strong governance principles and international best practices, ensuring compliance with relevant regulations while achieving strong performance and sustainable growth. The United Bank and its non-banking arm operate through a broad network that includes 68 branches, 225 ATMs, advanced digital channels, and 1,800 employees. Last week, Egypt said it is in advanced talks to sell the government’s remaining stake in Alex Bank to Italian private banking firm Intesa Sanpaolo SpA. This will pose the first major asset sale since devaluating its currency in March, Bloomberg reported at the time. The agreement will see the Italian lender, which already owns 80 percent of the Egypt-based bank, buy the remaining 20 percent and take complete ownership, Bloomberg added. This follows last year’s announcement that the government unveiled an initial list of 32 assets it planned to offer investors in sectors ranging from banking to energy and real estate. It now targets raising between $2 billion-$2.5 billion by the end of the current financial year in June from asset sales.