{"id":581760,"date":"2023-02-23T00:00:00","date_gmt":"2023-02-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/valuation-dispute-puts-saudi-united-bank-acquisition-at-risk\/"},"modified":"2023-02-23T00:00:00","modified_gmt":"2023-02-23T00:00:00","slug":"valuation-dispute-puts-saudi-united-bank-acquisition-at-risk","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/valuation-dispute-puts-saudi-united-bank-acquisition-at-risk\/","title":{"rendered":"Valuation dispute puts Saudi United Bank acquisition at risk"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Saudi wealth fund takeover of United Bank in jeopardy?<\/span><span style=\"\"> The <\/span><span style=\"\">Public Investment Fund (PIF) has reportedly hit \u2018pause\u2019 on talks for the acquisition of <\/span><span style=\"\">state-owned United Bank due to a dispute over its valuation, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/finance.yahoo.com\/news\/saudi-talks-buying-egypt-united-120012720.html\" style=\"\">Bloomberg<\/a><\/span><span style=\"\"> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/markets\/deals\/saudi-arabia-pauses-wealth-fund-plan-acquire-egyptian-bank-sources-2023-02-22\/\" style=\"\">Reuters<\/a><\/span><span style=\"\"> reported yesterday<\/span><span style=\"\">, citing sources they claim are familiar with the matter.<\/span><span> The two sides have reportedly not been able to agree on how to value the bank following the devaluation of the EGP, which has lost almost half its value over the past year.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The sticking point:<\/span><span style=\"\"> <\/span><span style=\"\">The PIF wants to agree on a valuation in local-currency terms, with the USD amount payable determined at the time of the transaction according to the exchange rate at the time of execution. <\/span><span style=\"font-weight:400;\">The Central Bank of Egypt, which owns 99.9% of the bank, is arguing for a USD-based valuation from the beginning, the newswires report. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER-<\/span><span> The PIF opened talks to purchase United Bank <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/05\/23\/pif-eyes-united-bank-amid-state-privatization-push-71525\/\" style=\"\">last year<\/a><\/span><span>. Bloomberg <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/13\/saudi-sovereign-wealth-fund-could-finalize-united-bank-acquisition-this-year-91034\/\" style=\"\">reported<\/a><\/span><span style=\"font-weight:400;\"> in December that the wealth fund could acquire the lender for USD 600 mn.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Lining up an alternative buyer?<\/span><span> House Planning Committee Chair Fakhri El Fiqi <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/15\/privatization-update-united-bank-helwan-fertilizers-pachin-96899\/\" style=\"\">told local media<\/a><\/span><span> last week that Saudi lenders Riyad Bank and Al Rajhi Bank are interested in acquiring shares in United Bank. The bank is among a line-up of 32 companies that the state plans to sell stakes in as part of a rebooted privatization program announced <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/09\/rebooted-privatization-program-to-see-stakes-in-32-companies-sold-to-strategics-public-investors-96067\/\" style=\"\">earlier this month<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">KSA has pledged to invest bns of USD in Egypt:<\/span><span> The transaction is part of a <\/span><span style=\"font-weight:400;\">USD 10 bn investment pledge by the Saudis, which last year joined the UAE and Qatar in offering bns of USD to Egypt to help stabilize its economy following the war in Ukraine.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This isn\u2019t the first sticking point in ongoing acquisition talks:<\/span><span> Talks with Qatar over several acquisitions have reportedly hit stumbling blocks in recent weeks due to the government\u2019s reluctance to sell down sizable stakes in the companies. The Qatari wealth fund is looking to acquire Telecom Egypt\u2019s entire 45% stake in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/08\/el-said-calls-on-qataris-to-invest-adq-said-to-be-mounting-rival-bid-to-qias-vodafone-egypt-acquisition-95853\/\" style=\"\">Vodafone Egypt<\/a><\/span><span> and majority ownership in<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/31\/investment-banks-eye-terminal-operator-ipos-and-qatars-swf-is-looking-for-a-strategic-stake-94977\/\" style=\"\">two container terminal operators<\/a><\/span><span style=\"font-weight:400;\"> \u2014 stakes that the government is reportedly unwilling to hand over.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 sides have reportedly not been [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":581761,"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":[7321],"tags":[204,72,7128,81,219,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-banking","tag-enterpriseam","tag-ma-watch","tag-privatization-watch","tag-saudi-arabia","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"37a6e355-5a16-4b3f-b6b0-617d4ccf7f96","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/PIF-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581751],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.bf2e204f-fccc-46a7-b3f7-0fa2996fe183.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Valuation dispute puts Saudi United Bank acquisition at risk - 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\/2023\/02\/23\/valuation-dispute-puts-saudi-united-bank-acquisition-at-risk\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Valuation dispute puts Saudi United Bank acquisition at risk\" \/>\n<meta property=\"og:description\" content=\"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 sides have reportedly not been [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/valuation-dispute-puts-saudi-united-bank-acquisition-at-risk\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-23T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/PIF-1600px.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\/2023\/02\/23\/valuation-dispute-puts-saudi-united-bank-acquisition-at-risk\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/valuation-dispute-puts-saudi-united-bank-acquisition-at-risk\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Valuation dispute puts Saudi United Bank acquisition at risk\",\"datePublished\":\"2023-02-23T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/valuation-dispute-puts-saudi-united-bank-acquisition-at-risk\/\"},\"wordCount\":356,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/valuation-dispute-puts-saudi-united-bank-acquisition-at-risk\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/2\/PIF-1600px.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"EnterpriseAM\",\"M&amp;A Watch\",\"privatization watch\",\"Saudi Arabia\",\"United Bank\"],\"articleSection\":[\"Privatization\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/valuation-dispute-puts-saudi-united-bank-acquisition-at-risk\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/valuation-dispute-puts-saudi-united-bank-acquisition-at-risk\/\",\"name\":\"Valuation dispute puts Saudi United Bank acquisition at risk - 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