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Thursday, 2 May 2019

US-based investment fund to acquire Egypt’s United Bank within three months, says Amer

M&A WATCH- The acquisition of United Bank by a US-based investment fund should be complete within three months’ time, CBE Governor Tarek Amer said last week, according to Masrawy. Amer did not disclose any further details of the transaction. The governor said in February that a US financial institution had made an offer to acquire the bank and was currently conducting due diligence. The CBE governor said the due diligence process will be complete in three months. Amer separately told the domestic press that it is also possible that a non-controlling stake in United Bank could be offered on the EGX. The central bank owns 99.9% of the bank’s shares, having created the institution through the merger of a number of smaller institutions. It announced back in 2017 its intention to sell United Bank to a strategic investor.

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