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.
More from Enterprise
Banque du Caire’s blockbuster IPO holds firm against EGX selloff
The IFC and the EBRD are in for USD 100…
Can AI promise Egypt’s lenders more borrowers and fewer bad loans?
Banks are cautious about letting AI judge a borrower. Local…
Egypt’s funds crossed EGP 500 bn in 3Q on retail money and a stalling core
Money market funds stalled while retail piled into equity, index,…
DPI closes Egypt-born fintech fund Nclude at USD 112 mn
The final close adds roughly USD 7 mn to a…