United Bank is set to be sold, but the when and how is yet to be decided by the Central Bank of Egypt (CBE), the majority owner of the bank (99.9%), according to the bank’s new chairman and managing director Ashraf El-Kady. CBE and other parties are still studying the issue of the sale; the bank’s management has not received any instructions so far, El-Kady said. CBE’s Governor Tarek Amer stated in February 2016 that CBE plans to float United Bank in an initial public offering. The bank’s assets exceeded EGP28 billion at end-2015. El-Kady will officially take office in United Bank by the beginning of April 2016. El-Kady targets to increase the bank’s market share, which currently is 2-3%. United Bank’s loan portfolio reached c.EGP5 billion, while deposits stood at c.EGP20 billion in 2015. The bank’s net profit increased c.15% in 2015, up from EGP220 million in 2014. (The Daily News Egypt)