{"id":548410,"date":"2022-08-08T03:45:35","date_gmt":"2022-08-08T03:45:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/08\/saudi-wealth-fund-could-acquire-united-bank-this-year-appoints-advisers-on-transaction\/"},"modified":"2022-08-08T03:45:35","modified_gmt":"2022-08-08T03:45:35","slug":"saudi-wealth-fund-could-acquire-united-bank-this-year-appoints-advisers-on-transaction","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/08\/saudi-wealth-fund-could-acquire-united-bank-this-year-appoints-advisers-on-transaction\/","title":{"rendered":"Saudi wealth fund could acquire United Bank this year, appoints advisers on transaction"},"content":{"rendered":"

<\/a> S<\/strong>audi <\/strong>Arabia\u2019s sovereign wealth fund <\/strong>could purchase United Bank from the <\/strong>Central Bank of Egypt (CBE) before the end of the year<\/strong>, according to Hapi Journal<\/a>. The Public Investment Fund (PIF) is close to wrapping up due diligence on the bank and the acquisition is expected to be finalized by December, the newspaper reports, citing sources it says have knowledge of the matter.<\/p>\n

Who\u2019s advising?<\/strong> The PIF has reportedly appointed our friends at EFG Hermes as financial advisors and US law firm Akin Gump<\/a> as legal counsel for the transaction, Hapi claims. CI Capital is reportedly acting as United Bank\u2019s advisor.<\/p>\n

Background: <\/strong>The PIF first announced its interest<\/a> in acquiring the bank in May. The CBE owns 99.9% of United Bank, which it created in 2006 through the merger of smaller entities near the end of its well-regarded cleanup of the banking sector nearly two decades ago.<\/p>\n

Part of a wave of new Saudi investment:<\/strong> The PIF\u2019s play for UB comes amid a backdrop of an influx of investment from our friends in the Gulf, part of a raft of support measures to help shore up Egypt\u2019s fiscal position amid global volatility triggered by the war in Ukraine. The fund has said it could invest USD 10 bn<\/a> in a range of Egyptian sectors and last week established a company<\/a> dedicated to managing its investments in Egypt. Separately, Saudi companies recently signed a series of agreements<\/a> that will see them invest USD 7.7 bn in Egypt.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia\u2019s sovereign wealth fund could purchase United Bank from the Central Bank of Egypt (CBE) before the end of the year, according to Hapi Journal. The Public Investment Fund (PIF) is close to wrapping up due diligence on the bank and the acquisition is expected to be finalized by December, the newspaper reports, citing […]<\/p>\n","protected":false},"author":1,"featured_media":548411,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[2222,204,84,72,7128,219,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-akin-gump","tag-banking","tag-efg-hermes","tag-enterpriseam","tag-ma-watch","tag-saudi-arabia","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"466e8ac2-c495-4b0b-9dad-25bb5153c6b1","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/185.jpg","photo_position":"above","related_issue":[548406],"teaser":"","voice_url":""},"yoast_head":"\nSaudi wealth fund could acquire United Bank this year, appoints advisers on transaction - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/08\/saudi-wealth-fund-could-acquire-united-bank-this-year-appoints-advisers-on-transaction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi wealth fund could acquire United Bank this year, appoints advisers on transaction\" \/>\n<meta property=\"og:description\" content=\"Saudi Arabia\u2019s sovereign wealth fund could purchase United Bank from the Central Bank of Egypt (CBE) before the end of the year, according to Hapi Journal. 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The Public Investment Fund (PIF) is in \u201cadvanced talks\u201d\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/252.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546608,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/23\/pif-eyes-united-bank-amid-state-privatization-push\/","url_meta":{"origin":548410,"position":1},"title":"PIF eyes United Bank amid state privatization push","author":"enterpriseam admin","date":"23 May 2022","format":false,"excerpt":"The Saudi sovereign wealth fund is considering making a bid to acquire United Bank, Hapi Journal reported yesterday, citing sources it claims have knowledge of the transaction. The Public Investment Fund\u2019s play for UB comes amid a backdrop of an influx of investment from our friends in the Gulf, part\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/294.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548772,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/22\/saudi-wealth-fund-is-sizing-up-egyptalum-and-potentially-egyptian-media-production-city-united-bank\/","url_meta":{"origin":548410,"position":2},"title":"Saudi wealth fund is sizing up EgyptAlum \u2014 and potentially Egyptian Media Production City + United Bank","author":"enterpriseam admin","date":"22 August 2022","format":false,"excerpt":"Saudi Arabia\u2019s sovereign wealth fund is making headlines in Cairo with at least three possible high-profile acquisitions now appearing to be in its pipeline, including an aluminum maker, a bank and Egyptian Media Production City. The fund has not confirmed any of the three potential transactions.A stake in EgyptAlum? The\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/343.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581535,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/15\/privatization-update-united-bank-helwan-fertilizers-pachin\/","url_meta":{"origin":548410,"position":3},"title":"Privatization update: United Bank, Helwan Fertilizers, Pachin","author":"enterpriseam admin","date":"15 February 2023","format":false,"excerpt":"Two Saudi banks have United Bank on their radar","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/market-bw-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":603774,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/21\/updates-on-stake-sales-for-united-bank-bdc\/","url_meta":{"origin":548410,"position":4},"title":"Updates on stake sales for United Bank, BdC","author":"enterpriseam admin","date":"21 August 2023","format":false,"excerpt":"It\u2019s unclear whether PIF is still interested in United Bank","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/934.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581760,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/valuation-dispute-puts-saudi-united-bank-acquisition-at-risk\/","url_meta":{"origin":548410,"position":5},"title":"Valuation dispute puts Saudi United Bank acquisition at risk","author":"enterpriseam admin","date":"23 February 2023","format":false,"excerpt":"Saudi wealth fund takeover of United Bank in jeopardy? The Public Investment Fund (PIF) has reportedly hit \u2018pause\u2019 on talks for the acquisition of state-owned United Bank due to a dispute over its valuation, Bloomberg and Reuters reported yesterday, citing sources they claim are familiar with the matter. 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