Egypt’s Renowned Bank Acquired by Kuwait

The Egypt Times reported that the Kuwait Investment Fund has acquired The United Bank, one of Egypt’s most famous banks.

The deal was concluded in favor of the Kuwait Investment Fund for approximately $660 million, with contracts to be formally signed after the end of Eid al-Adha.

The Egyptian government, according to informed sources, told the Egypt Times, had previously reduced the number of bids submitted to buy the bank to only two bids, the first for the Qatar Sovereign Fund and the other for the Kuwait Investment Fund, and the contracts were prepared for signing after the end of Eid al-Adha. Byram.

The Egyptian government was supposed to start the procedure for the sale of the “United Bank” in the coming days after the selection of one of the received proposals for the acquisition of the bank, since the number of proposals for the acquisition of the bank was reduced to two proposals, and immediately after the banquet, the transaction and the details of the proposal would be announced.

United Bank is one of the Egyptian banks from which Egypt is operating as part of a plan to exit more than 32 state-owned companies, offering them on the stock exchange or selling shares to strategic investors, or both.

Several sources had previously reported talks with the Saudi Public Investment Fund to acquire The United Bank for up to $600 million, but talks were halted earlier over a dispute over how to calculate the impact of the Egyptian pound’s devaluation on the deal.

The Central Bank of Egypt, which owns The United Bank, has sent out solicitations to investment banks to act as advisers on the sale of the bank.

Source: Egypt Times