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Monday, 25 November 2019

EFG Hermes, Evercore tapped to lead Central Bank of Egypt’s United Bank sale

M&A WATCH- EFG Hermes, Evercore tapped to lead United Bank sale: The Central Bank of Egypt (CBE) has appointed EFG Hermes and New York-based Evercore to act as advisors on the expected sale of state-owned United Bank, according to a statement (pdf). The EFG-Evercore consortium was the top pick from five contending consortiums, the statement says, without disclosing further details. The local press had reported earlier this year that CI Capital and Perella Weinberg Partners had partnered for the bid, while Beltone Financial had gone in with Rothchild & Co.

Background: CBE Governor Tarek Amer said in July that the advisors selected for the sale of United Bank would determine the timeline for the sale. The CBE owns 99.9% of United Bank’s shares, having created the institution through the merger of a number of smaller institutions. Amer had said last month the sale is “moving forward.”

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