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Monday, 16 December 2019

CBE to ink contracts with United Bank sale advisors EFG Hermes, Evercore in two weeks

M&A WATCH- CBE to ink contracts for United Bank sale with advisors EFG, Evercore in two weeks: The Central Bank of Egypt (CBE) will sign within two weeks contracts that will see a consortium of EFG Hermes and New York-based Evercore act as advisors on the sale of state-owned United Bank, sources close to the matter said, according to Al Mal. The consortium will go ahead with a fair value study, market United Bank to target financial institutions, and draft a plan to transform the bank into an SME-focused lender, the sources claim. The CBE last month appointed the EFG Hermes-Evercore consortium to lead the transaction, which will see the CBE offload its 99.9% stake in the bank.

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