The Egyptian Exchange (EGX) announced the successful completion of the public and private offerings of The United Bank (UBEE), raising a total of EGP 4.57 billion ($94 million) through the sale of 330 million shares, representing 30% of the bank's issued capital.

Shares were priced at EGP 13.85 each, with the private offering accounting for 95% of the total shares sold. This segment included 313.5 million shares, equivalent to 28.5% of the bank's capital, generating EGP 4.341 billion. The public offering, comprising 16.5 million shares (1.5% of issued capital), raised EGP 228.5 million.

Established in 2006, The United Bank was formed through the merger of the Islamic International Bank for Investment and Development, United Bank of Egypt, and Nile Bank. The IPO marks a significant milestone in the bank's history, positioning it for further growth within Egypt's financial sector.

Key Takeaways

Along with Arab African International Bank and Banque du Caire, United Bank was one of three state banks the government placed on a list in early 2023 for potential sale. Egypt in 2021 sold a 51% stake in Arab Investment Bank, its first privatization of a bank in more than a decade. United Bank made a net profit of 1.74 billion Egyptian pounds in the financial year to the end of June on assets of 106 billion Egyptian pounds, the central bank said in September.