No due diligence on United Bank just yet: Investors interested in acquiring stakes in United Bank will begin due diligence by the end of September, the Central Bank of Egypt (CBE) said in a statement (pdf), denying a press report that claimed three banks had already begun the process.

ICYMI- Asharq Business reported on Sunday that the local units of Mashreq, Crédit Agricole, and the National Bank of Kuwait have begun due diligence on the CBE-owned lender with a view to potentially acquire a stake. Multiple sources we reached out to declined to comment on the report.

A nay from Crédit Agricole: The local unit of the French bank also denied the report yesterday, clarifying that it has not begun due diligence in an EGX disclosure (pdf) yesterday.

In due course: “The sale process is proceeding according to a predetermined schedule” and the CBE will “provide updates on developments in the sale process in a timely manner,” it said.

International suitors are in the running: A number of international financial institutions are interested in acquiring shares in the lender, the central bank said, without providing further information.

Remember: United Bank — in which the CBE owns a 99.99% stake — is in the lineup of 32 state companies and assets that were earmarked for privatization in February.

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