{"id":568973,"date":"2020-02-10T04:39:06","date_gmt":"2020-02-10T04:39:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/10\/is-ahli-united-bank-looking-to-sell-its-egypt-unit\/"},"modified":"2020-02-10T04:39:06","modified_gmt":"2020-02-10T04:39:06","slug":"is-ahli-united-bank-looking-to-sell-its-egypt-unit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/10\/is-ahli-united-bank-looking-to-sell-its-egypt-unit\/","title":{"rendered":"Is Ahli United Bank looking to sell its Egypt unit?"},"content":{"rendered":"

<\/a> M&A WATCH- Is Ahli United Bank looking to sell its Egypt unit?<\/strong> Ahli United Bank could be looking to sell its Egypt arm after its recent acquisition by Kuwait Finance House (KFH), the local press reported<\/a>, citing unnamed sources. The Kuwaiti bank is required to obtain a separate Islamic banking license from the Central Bank of Egypt (CBE) to operate in the country, the report suggests, adding that the bank is yet to acquire the license and could negotiate an exit from the country. It remains unclear whether KFH has applied for the license.<\/p>\n

The news comes amid a rare period of change in the normally staid banking sector.<\/strong> Bank Audi announced last month that it was looking to sell off its Egypt unit, and is currently in negotiations with First Abu Dhabi Bank<\/a>. State-owned banks Banque du Caire<\/a> and United Bank<\/a> are both moving towards privatization, while the National Bank of Greece is presumably still looking for a buyer for its Egypt arm, having seen its sale to Bank Audi fall through last month.<\/p>\n

Egypt\u2019s banks are ripe M&A targets, but sales are rare:<\/strong> The country\u2019s banks capitalized on the high interest rate environment that followed the 2016 EGP float by piling into high-yield treasury bonds and bills, resulting in \u201cexcessively strong balance sheets\u201d that have made the banks highly attractive acquisition targets. The problem, though, is that only a few are actually up for grabs<\/a>, Naeem Brokerage head of research Allen Sandeep noted earlier this month.<\/p>\n

Potential buyers?<\/strong> A major Saudi bank is looking to acquire a majority stake in an Egyptian bank or receive a new license, while another foreign bank is also inquiring about the Egyptian banking market, Fincorp Managing Director Mohamed Salem said<\/a>. He noted that the Saudi bank has been waiting for the new Banking Act to pass before making its move. Acquisitions are currently the only way into Egypt\u2019s banking sector, as the CBE has for years denied new banking licenses and has instead pointed potential market entrants to acquisition targets among the country\u2019s 38 licensed banks.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- Is Ahli United Bank looking to sell its Egypt unit? Ahli United Bank could be looking to sell its Egypt arm after its recent acquisition by Kuwait Finance House (KFH), the local press reported, citing unnamed sources. The Kuwaiti bank is required to obtain a separate Islamic banking license from the Central Bank […]<\/p>\n","protected":false},"author":1,"featured_media":568974,"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":[8572],"tags":[1628,72,4559,2137,7128,4558,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-ahli-united-bank","tag-enterpriseam","tag-islamic-banking","tag-kuwait-finance-house","tag-ma-watch","tag-new-banking-act","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"7f61789c-708c-42c4-ad05-be211665ba2c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/125.jpg","photo_position":"above","related_issue":[568968],"teaser":"","voice_url":""},"yoast_head":"\nIs Ahli United Bank looking to sell its Egypt unit? - 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\/2020\/02\/10\/is-ahli-united-bank-looking-to-sell-its-egypt-unit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Ahli United Bank looking to sell its Egypt unit?\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- Is Ahli United Bank looking to sell its Egypt unit? 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The International Finance Corporation (IFC) is reportedly selling its 10% stake in Ahli United Bank (AUB) Egypt to AUB Egypt\u2019s parent company in Bahrain, the local pressreported, citing unnamed sources familiar with the matter. This would account for the bulk\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/221.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":645407,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/19\/kfh-in-merger-talks-with-ahli-united-bank\/","url_meta":{"origin":568973,"position":1},"title":"KFH in merger talks with Ahli United Bank","author":"enterpriseam admin","date":"19 July 2017","format":false,"excerpt":"Kuwait Finance House confirmed it is in talks to merge with Ahli United Bank of Bahrain, Reuters reports. The confirmation came in on Tuesday and is the latest in a trend of GCC banking consolidation -- something of a knee-jerk reaction when times get tough. 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The bank, which controlled 85.5% of its Egypt subsidiary before the transaction, purchased 30.6 mn\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":555450,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/15\/intl-banking-syndicate-to-provide-govt-with-usd-2-bn-islamic-esg-loan\/","url_meta":{"origin":568973,"position":4},"title":"Int\u2019l banking syndicate to provide gov\u2019t with USD 2 bn Islamic + ESG loan","author":"enterpriseam admin","date":"15 November 2021","format":false,"excerpt":"A syndicate of 10 regional and international banks are providing the USD 2 bn loan the Madbouly government is raising to finance green projects and plug budget shortfalls, Al Shorouk reports, citing unnamed sources. 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