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Tuesday, 8 September 2020

United Bank sale on ice until covid has passed

M&A WATCH- United Bank sale on ice until we fully emerge from pandemic: The sale of state-owned United Bank to a strategic investor has been postponed until the covid-19 pandemic has abated and a vaccine is found, Masrawy reports, citing unnamed banking sources. More than one investor had submitted offers, but the process was postponed after the cancellation of flights prevented financial advisors from completing the due diligence, the sources said.

Background: CBE Governor Tarek Amer last year said the sale had been moving forward, shortly before tapping EFG Hermes and New York-based Evercore to act as advisors. The central bank owns 99.9% of United Bank’s shares, having created the institution through the merger of a number of smaller institutions.

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