Egypt to Offer United Bank Stake in IPO Amid Asset Sale Push [BNN Bloomberg (Canada)]
INTESA SANPAOLO S/ADR (ISNPY)
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Source: BNN Bloomberg
Officials have been discussing selling United Bank, which is almost entirely held by the central bank, for years, but the process was repeatedly delayed. The decision to sell a stake marks a significant step by the government to show commitment to an asset sale program that has largely fallen short of expectations. The central bank, in a statement, didn't say what size of stake would be offered, noting only that it would take place before the end of the first quarter of 2025, “subject to market conditions and the timely receipt of the relevant regulatory approvals.” Read: Egypt Is Said to Near First Major Stake Sale Since Devaluation The news comes as unidentified people told Bloomberg the government is in advanced talks to sell its remaining stake in Alex Bank to Italy's Intesa Sanpaolo SpA. That sale, if concluded, would mark the first major state asset sale since the central bank devalued the Egyptian pound in March. Read also: Egypt Gets $625 Million Boost From Year's Big
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