Egypt's central bank began the sale of 30% of United Bank on Wednesday, marking only the second privatisation of a state-owned Egyptian lender in four years after a gap of more than a decade. United Bank said in a statement that the sale of 330 million shares could raise up to 5.

The bank intends to allocate 95% of the offering shares (313.5mln) to institutional investors and 5% (16.5mln shares) to retail investors