Egypt's central bank aims to sell shares in state-owned United Bank in an initial public offering (IPO) on the stock exchange by the end of March, it said in a statement on Sunday. It did not say how

Egypt will sell a stake in state-owned United Bank via a local initial public offering, as the North African nation presses on with plans to attract a fresh wave of foreign investment through the sale of public assets.

The Central Bank of Egypt has decided to offer a stake in United Bank’s (UB) shares on the Egyptian Stock Exchange, and is currently working on obtaining the required approvals related to the offering, media reports said. The approvals required include that from the Financial Regulatory Authority and the Egyptian Stock Exchange.