{"id":582656,"date":"2023-03-12T00:00:00","date_gmt":"2023-03-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/12\/cbe-seeks-advisors-for-united-bank-sale\/"},"modified":"2023-03-12T00:00:00","modified_gmt":"2023-03-12T00:00:00","slug":"cbe-seeks-advisors-for-united-bank-sale","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/12\/cbe-seeks-advisors-for-united-bank-sale\/","title":{"rendered":"CBE seeks advisors for United Bank sale"},"content":{"rendered":"<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\">CBE wants advisors for United Bank sale: <\/span><span style=\"\">The Central Bank of Egypt (CBE) has sent <\/span><span style=\"\">investment banks \u2014 including \u201cseveral big Western banks\u201d \u2014 a request to pitch for an advisory role in the sale of United Bank of Egypt, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/article\/united-bank-of-egypt-divestiture-idAFL8N35H14N\" style=\"\">Reuters<\/a><\/span><span style=\"\"> reports, citing two sources it says are in the know. <\/span><span>The bank is one of 32 companies in which 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=\"\">last 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\">REMEMBER-<\/span><span style=\"\">The CBE \u2014 which owns 99.99% of United Bank \u2014 <\/span><span style=\"\">was negotiating<\/span><span style=\"\"> to sell the lender to <\/span><span style=\"\">Saudi Arabia\u2019s sovereign wealth fund PIF before <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/23\/valuation-dispute-puts-saudi-united-bank-acquisition-at-risk-97677\/\" style=\"\">talks stalled<\/a><\/span><span style=\"\">, apparently due to a dispute over valuation. The PIF opened talks to purchase United Bank last year. 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 in December<\/a><\/span><span style=\"\"> that the wealth fund could acquire the lender for USD 600 mn, but the two sides were reportedly not able to agree on how <\/span><span style=\"\">to value the bank following the devaluation of the EGP. <\/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\">MD says bank is making strides:<\/span><span style=\"font-weight:400;\">The lender has recorded nearly EGP 11 bn in profits since it was established in 2006, Chairman and Managing Director Ashraf El Kady told Enterprise.  Profits were largely driven by its Shari\u2019ah-compliant products, El Kady says. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Talks have been stalled with the Saudis since last month.<\/p>\n","protected":false},"author":1,"featured_media":582657,"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":[204,271,72,7128,81,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-banking","tag-central-bank-of-egypt","tag-enterpriseam","tag-ma-watch","tag-privatization-watch","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"4e96da69-3adc-464b-9a72-4933a97051d9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Central-Bank-of-Egypt-1600-px.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[582645],"teaser":"Talks have been stalled with the Saudis since last month.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.8cea74a0-d1f7-4dca-9ea4-e19ef19bf80a.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The CBE appointed EFG Hermes\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":603859,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/22\/due-diligence-on-united-bank-hasnt-started-yet-says-cbe\/","url_meta":{"origin":582656,"position":1},"title":"Due diligence on United Bank hasn\u2019t started yet, says CBE","author":"enterpriseam admin","date":"22 August 2023","format":false,"excerpt":"Due diligence will begin by the end of September, central bank says","rel":"","context":"In &quot;Privatization&quot;","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\/981.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":582656,"position":2},"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 &quot;Privatization&quot;","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":591743,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/16\/cbe-to-ink-contracts-with-united-bank-sale-advisors-efg-hermes-evercore-in-two-weeks\/","url_meta":{"origin":582656,"position":3},"title":"CBE to ink contracts with United Bank sale advisors EFG Hermes, Evercore in two weeks","author":"enterpriseam admin","date":"16 December 2019","format":false,"excerpt":"M&A WATCH- CBE to ink contracts for United Bank sale with advisors EFG, Evercore in two weeks: The Central Bank of Egypt (CBE) will sign within two weeks contracts that will see a consortium of EFG Hermes and New York-based Evercore act as advisors on the sale of state-owned United\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":568973,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/10\/is-ahli-united-bank-looking-to-sell-its-egypt-unit\/","url_meta":{"origin":582656,"position":4},"title":"Is Ahli United Bank looking to sell its Egypt unit?","author":"enterpriseam admin","date":"10 February 2020","format":false,"excerpt":"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. 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