Egypt’s central bank said that it intended to fully divest its stake in The United Bank as part of the government’s stake sale program and had picked Barclays Bank PLC as its international financial advisor.
Barclays would execute its mandate alongside CI Capital Investment Banking as the local financial advisor, the central bank said in a statement.
United Bank had total assets of 60 billion Egyptian pounds ($1.94 billion) and total equity of 10.7 billion pounds as of December 2022, with a capitalization ratio of 21%, according to the CBE.
“Barclays will execute its mandate alongside CI Capital Investment Banking S.A.E. (“CI Capital”), the appointed Local Financial Advisor.” the CBE stated.
As part of its reform strategy in Egypt, the CBE established the United Bank in June 2006 through the merger of three banks; the Egyptian United Bank, the Nile Bank, and Islamic International Bank for Investment and Development.
The United Bank is positioned as one of the key financial services providers in Egypt, recognizable for its people, strong core values, outstanding performance, and sustainable growth.
