Abdalla highlighted that the listing, the first for a bank on the Egyptian Exchange in over 25 years, represents a pivotal step in the CBE’s efforts to enhance the financial sector’s role in the national economy
Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), emphasized the strategic significance of listing United Bank of Egypt on the Egyptian Exchange as the bank’s shares began Tuesday. Speaking at the ceremonial bell-ringing event that marked the start of trading, Abdalla described the IPO as a transformative milestone for Egypt’s banking and financial sectors.
Abdalla highlighted that the listing, the first for a bank on the Egyptian Exchange in over 25 years, represents a pivotal step in the CBE’s efforts to enhance the financial sector’s role in the national economy. He noted that the move aligns with the CBE’s broader strategy to strengthen the banking industry, foster sustainable growth, and attract both domestic and international investment.
“The decision to list United Bank on the exchange is part of a comprehensive vision to support the bank’s growth while reinforcing Egypt’s capital markets. This initiative bolsters the stock market, which will play a critical role in driving private sector investment and fostering broader economic development,” Abdalla stated.
He praised Egypt’s capital markets for their resilience and capacity to attract investment, pointing out that the IPO contributes to diversifying market offerings, particularly in the banking sector. He also reiterated the CBE’s commitment to creating a stable and attractive investment climate, ensuring that the private sector continues to play a leading role in economic progress.
The Governor noted that the IPO is expected to have a ripple effect, energizing the Egyptian Exchange and encouraging further listings in the banking sector and beyond. “This step is not just about a single bank; it’s a signal to the market and the global investment community that Egypt’s financial institutions are growing stronger and more transparent,” Abdalla added.
“The private placement was oversubscribed six times, and the public offering fifty-nine times, reflecting robust investor confidence in Egypt’s financial markets,” Chairman of the Egyptian Exchange (EGX), Ahmed El-Sheikh stated. “This is a clear indication of the appetite for new listings and the increasing trust in the Egyptian Exchange.”
El-Sheikh emphasized the professionalism and efficiency with which the offering process was executed, citing the use of advanced technological infrastructure and streamlined procedures. “This milestone sets a strong foundation for future IPOs, encouraging more institutions—both public and private—to tap into Egypt’s thriving capital market,” he said.
The EGX Chairman also highlighted the broader economic impact of the IPO, noting that it will energize the banking sector and attract further investments.
