{"id":578012,"date":"2022-12-13T04:00:19","date_gmt":"2022-12-13T04:00:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/"},"modified":"2022-12-13T04:00:19","modified_gmt":"2022-12-13T04:00:19","slug":"saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/","title":{"rendered":"Saudi sovereign wealth fund could finalize United Bank acquisition this year"},"content":{"rendered":"

<\/a> PIF could acquire United Bank this month for USD 600 mn: <\/strong>Saudi Arabia\u2019s sovereign wealth fund could acquire the state-owned United Bank for around USD 600 mn as soon as this month, Bloomberg<\/a> reports, citing sources with knowledge of the matter. The Public Investment Fund (PIF) is in \u201cadvanced talks\u201d over the acquisition and plans to purchase the bank through its Egypt-based investment vehicle, the Saudi Egyptian Investment Company<\/a>, according to the business news outlet. A representative from United Bank denied having knowledge of the transaction when we asked yesterday, noting that any negotiations over a sale would go through the Central Bank of Egypt (CBE).<\/p>\n

Refresher:<\/strong> Reports on the PIF\u2019s interest in the lender have been floating around since May<\/a>, with sources cited by local media saying<\/a> the acquisition could close before the end of the year. 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

A long time coming:<\/strong> In 2017, the CBE said it intended to sell the bank<\/a> to a strategic investor and appointed EFG Hermes and New York\u2019s Evercore to advise on the transaction, before the covid-19 pandemic put the sale on ice<\/a>.<\/p>\n

Advisors: <\/strong>Reports in local media have suggested that PIF has appointed our friends at EFG Hermes as financial advisors and US law firm Akin Gump<\/a> as counsel. CI Capital is reportedly acting as United Bank\u2019s advisor.<\/p>\n

REMEMBER- KSA is on a spending spree here in Egypt: <\/strong>The PIF earlier this year acquired minority stakes<\/a> in four EGX-listed companies through its newly established arm<\/a> for Egyptian investments in August. The buys are the first of USD 10 bn<\/a> pledged by the fund earlier this year as part of Saudi efforts to support Egypt\u2019s external position, which has been rocked by soaring commodity prices, large portfolio outflows, and a weaker EGP.<\/p>\n","protected":false},"excerpt":{"rendered":"

PIF could acquire United Bank this month for USD 600 mn: Saudi Arabia\u2019s sovereign wealth fund could acquire the state-owned United Bank for around USD 600 mn as soon as this month, Bloomberg reports, citing sources with knowledge of the matter. The Public Investment Fund (PIF) is in \u201cadvanced talks\u201d over the acquisition and plans […]<\/p>\n","protected":false},"author":1,"featured_media":578013,"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":[204,72,7128,219,2216,587,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-banking","tag-enterpriseam","tag-ma-watch","tag-saudi-arabia","tag-saudi-egyptian-investment-company","tag-state-privatization-program","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"fcd561f4-e06e-4dac-b76c-45e14ef0616f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/252.jpg","photo_position":"above","related_issue":[578007],"teaser":"","voice_url":""},"yoast_head":"\nSaudi sovereign wealth fund could finalize United Bank acquisition this year - 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\/12\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi sovereign wealth fund could finalize United Bank acquisition this year\" \/>\n<meta property=\"og:description\" content=\"PIF could acquire United Bank this month for USD 600 mn: Saudi Arabia\u2019s sovereign wealth fund could acquire the state-owned United Bank for around USD 600 mn as soon as this month, Bloomberg reports, citing sources with knowledge of the matter. The Public Investment Fund (PIF) is in \u201cadvanced talks\u201d over the acquisition and plans […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-13T04:00:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/252.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Saudi sovereign wealth fund could finalize United Bank acquisition this year\",\"datePublished\":\"2022-12-13T04:00:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/\"},\"wordCount\":331,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/12\/252.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"EnterpriseAM\",\"M&A Watch\",\"Saudi Arabia\",\"Saudi Egyptian Investment Company\",\"state privatization program\",\"United Bank\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year\/\",\"name\":\"Saudi sovereign wealth fund could finalize United Bank acquisition this year - 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The Public Investment Fund (PIF) is close to wrapping up due diligence on the bank and the acquisition is expected to be finalized by\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\/185.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":578012,"position":1},"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":581760,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/valuation-dispute-puts-saudi-united-bank-acquisition-at-risk\/","url_meta":{"origin":578012,"position":2},"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. The two\u2026","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\/2\/PIF-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548481,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/10\/saudi-wealth-fund-to-acquire-25-of-mopco\/","url_meta":{"origin":578012,"position":3},"title":"Saudi wealth fund to acquire 25% of Mopco","author":"enterpriseam admin","date":"10 August 2022","format":false,"excerpt":"Another Gulf wealth fund wants a piece of Mopco: Saudi Arabia\u2019s sovereign wealth fund will acquire a stake in the state-owned Misr Fertilizers Production Company (Mopco) through the EGX, a source at the bourse confirmed to Enterprise. The Public Investment Fund (PIF) will purchase 25% of the company through its\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\/199.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580174,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/this-evening-pif-could-acquire-united-bank-this-month-for-usd-600-mn\/","url_meta":{"origin":578012,"position":4},"title":"THIS EVENING: PIF could acquire United Bank this month for USD 600 mn","author":"enterpriseam admin","date":"12 December 2022","format":false,"excerpt":"Good afternoon, friends. That busy news flow we\u2019ve been signposting since yesterday morning is taking shape with some big news coming in here at home.THE BIG STORY TODAY Saudi Arabia\u2019s sovereign wealth fund could close in on a USD 600 mn acquisition of state-owned United Bank as soon as this\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/688.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":578012,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=578012"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578012\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578007"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578013"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578012"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578012"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}