Egyptian investment banks team up with international institutions to manage United Bank sale
M&A WATCH- Egyptian investment banks are teaming up with international institutions to manage United Bank sale: Local investment banks are forming consortiums with international advisory firms to compete for the quarterback role in the upcoming sale of United Bank, Al Mal reports. EFG Hermes is joining forces with New York-based Evercore, Beltone Financial is teaming up with Rothschild & Co, and CI Capital with Perella Weinberg Partners. Sources say that the sale has attracted substantial interest from foreign institutions, with some such as Evercore considering entering the Egyptian market for the first time.
Background: Central Bank of Egypt Governor Tarek Amer told Bloomberg earlier in July that the CBE will select an advisor for the transaction “in the coming weeks,” and that the selected bank or consortium would determine when the sale would take place. The central bank owns 99.9% of the bank’s shares, having created the institution through the merger of a number of smaller institutions.