CBE plans to float state-owned bank United Bank of Egypt
Central Bank of Egypt (CBE) is planning to float United Bank of Egypt (UBE), in which it holds a 99% stake, in an initial public offering, according to CBE’s Governor Tarek Amer. Amer said that the CBE bought UBE back in 2006 in order to restructure it, now that the restructuring is complete, CBE intends to float it. The last time state-owned companies were listed on the Cairo exchange was in 2005 when shares of Telecom Egypt, the state's landline monopoly, and oil companies Sidi Kerir Petrochemicals and AMOC were floated. (Amwal Al Ghad)
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