October 3, 2019 / 2:44 PM / 20 days ago

Egypt to appoint banks to handle share offer in United Bank

CAIRO, Oct 3 (Reuters) - Egypt is going ahead with an offering of shares in state-owned United Bank of Egypt and plans to appoint an international and local investment bank as advisers on the transaction, the central bank governor said on Thursday.

“We have chosen the advisers for the offering, an Egyptian investment bank and an international investment bank,” Tarek Amer told reporters, when asked about the offering.

“We are waiting only to get the final approvals on these names from the Egyptian authorities, and this we will have I believe within a week,” he added.

The government has said that it intends to sell shares in dozens of state companies to boost public finances and draw more investors to the Cairo exchange.

In March 2018 the government named 23 state-controlled companies in which it will sell mainly minority stakes on the Cairo bourse. It said it hoped the plan would raise 80 billion Egyptian pounds ($4.92 billion).

United Bank, owned by the central bank, was formed 15 years ago by the merger of three financially distressed commercial banks, Amer said. The central bank has since appointed new management to reform the bank’s operations.

$1 = 16.2500 Egyptian pounds Reporting by Patrick Werr and Ulf Laessing; Editing by Giles Elgood

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