{"id":593657,"date":"2019-10-07T04:00:22","date_gmt":"2019-10-07T04:00:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/07\/egypts-united-bank-sale-moving-forward-amer-says\/"},"modified":"2019-10-07T04:00:22","modified_gmt":"2019-10-07T04:00:22","slug":"egypts-united-bank-sale-moving-forward-amer-says","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/07\/egypts-united-bank-sale-moving-forward-amer-says\/","title":{"rendered":"Egypt\u2019s United Bank sale moving forward, Amer says"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <b>M&A WATCH- United Bank sale moving forward: <\/b>The CBE has appointed one local and one foreign lead advisor on the expected sale of state-owned United Bank, which is \u201cmoving forward,\u201d CBE Governor Tarek Amer told reporters at a presser on Thursday, <a href=\"https:\/\/www.reuters.com\/article\/egypt-economy\/egypt-to-appoint-banks-to-handle-share-offer-in-united-bank-idUSL5N26O46T\">according to Reuters<\/a>. Authorities should approve the banks\u2019 names within one week, he added.<\/p>\n<p><b>The contenders: <\/b>The local press reported <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/26\/egyptian-investment-banks-team-up-with-international-institutions-to-manage-united-bank-sale\/\">earlier this year<\/a> that three consortiums were formed to compete for the role. The consortiums include one comprising EFG Hermes and New York-based Evercore, one Beltone Financial and Rothchild & Co, and another CI Capital and Perella Weinberg Partners. Sources also said at the time that the sale \u2014 the size of which will depend on the chosen investor \u2014 has attracted substantial interest from foreign institutions, including a potential offer from Evercore. The central bank owns 99.9% of United Bank\u2019s shares, having created the institution through the merger of a number of smaller institutions.<\/p>\n<p><b>Amer also touched on changes that are on the way for the banking sector under the proposed Banking and Central Bank Act<\/b>, which we unpacked <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/03\/egypts-cabinet-approves-new-banking-and-central-bank-act\/\">on Thursday morning<\/a> following its approval by cabinet. Among the highlights from the presser:<\/p>\n<ul>\n<li><b>The CBE is hoping to transform Egypt into a regional hub for financial services<\/b>, Amer said, <a href=\"https:\/\/almalnews.com\/%d8%b7%d8%a7%d8%b1%d9%82-%d8%b9%d8%a7%d9%85%d8%b1-%d9%86%d8%aa%d8%b7%d9%84%d8%b9-%d9%84%d8%aa%d9%88%d8%b3%d8%b9-%d8%a7%d9%84%d8%a8%d9%86%d9%88%d9%83-%d8%a5%d9%82%d9%84%d9%8a%d9%85%d9%8a%d9%8b%d8%a7\/\">calling on banks to diversify<\/a> their portfolios by investing in a wider range of debt instruments and expand both regionally and internationally.<\/li>\n<li><b>New digital banks: <\/b>The central bank is working with four foreign advisors to set up digital banks \u201cfor the first time in Egypt,\u201d CBE sub-governor for payment systems and business technology <a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2019\/10\/4\/1645902\/%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D9%8A%D8%B9%D9%85%D9%84-%D9%85%D8%B9-4-%D9%85%D8%B3%D8%AA%D8%B4%D8%A7%D8%B1%D9%8A%D9%86-%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D9%8A%D9%86-%D9%84%D8%A5%D9%86%D8%B4%D8%A7%D8%A1-%D8%A8%D9%86%D9%88%D9%83-%D8%B1%D9%82%D9%85%D9%8A%D8%A9-%D9%84%D8%A3%D9%88%D9%84-%D9%85%D8%B1%D8%A9-%D8%A8%D9%85%D8%B5%D8%B1#sectionListing\">Ayman Hussein said<\/a>. <\/li>\n<li><b>A EGP 2 bn holding company:<\/b> The CBE is also launching an EGP 2 bn holding company before the end of the year to assist the government\u2019s financial inclusion and digitization efforts, <a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2019\/10\/6\/1647114\/%D9%88%D9%83%D9%8A%D9%84-%D9%85%D8%AD%D8%A7%D9%81%D8%B8-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D8%A5%D8%B7%D9%84%D8%A7%D9%82-%D8%B4%D8%B1%D9%83%D8%A9-%D9%82%D8%A7%D8%A8%D8%B6%D8%A9-%D8%A8%D8%B1%D8%A3%D8%B3%D9%85%D8%A7%D9%84-2-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AC%D9%86%D9%8A%D9%87-%D9%82%D8%A8%D9%84-%D8%A2%D8%AE%D8%B1#sectionListing\">Hussein said<\/a>. The company will start off with EGP 500 mn in paid-in capital.<\/li>\n<li><b>Banks need not worry about capital requirement hike: <\/b>The shareholder rights, paid-in capital, and reserves of as many as 28 commercial banks are already sufficient to allow them to meet 10x hike in the minimum capital requirement to be stipulated by the act through a few \u201csimple procedures,\u201d <a href=\"https:\/\/almalnews.com\/%d8%ac%d9%85%d8%a7%d9%84-%d9%86%d8%ac%d9%85-28-%d8%a8%d9%86%d9%83%d9%8b%d8%a7-%d8%ad%d9%82%d9%88%d9%82-%d9%85%d9%84%d9%83%d9%8a%d8%aa%d9%87%d8%a7-%d8%a3%d8%b9%d9%84%d9%89-%d9%85%d9%86-%d8%a7%d9%84\/\">deputy governor Gamal Negm said<\/a>.<\/li>\n<li><b>New professional licenses for banking sector: <\/b>The act would require high-ranking bank officials to obtain a new type of <a href=\"https:\/\/almalnews.com\/%d8%b7%d8%a7%d8%b1%d9%82-%d8%b9%d8%a7%d9%85%d8%b1-%d8%a7%d9%84%d9%85%d8%b1%d9%83%d8%b2%d9%8a-%d8%b3%d9%8a%d9%85%d9%86%d8%ad-%d8%aa%d8%b1%d8%a7%d8%ae%d9%8a%d8%b5-%d8%b9%d9%85%d9%84-%d9%84%d9%83%d9%84\/\">CBE-issued professional license<\/a>.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>M&#038;A WATCH- United Bank sale moving forward: The CBE has appointed one local and one foreign lead advisor on the expected sale of state-owned United Bank, which is \u201cmoving forward,\u201d CBE Governor Tarek Amer told reporters at a presser on Thursday, according to Reuters. Authorities should approve the banks\u2019 names within one week, he added. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":593658,"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":[204,271,72,183,7128,2380,927,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-593657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-banking","tag-central-bank-of-egypt","tag-enterpriseam","tag-fintech","tag-ma-watch","tag-speed-round","tag-tarek-amer","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"c10f124a-8e9e-43c1-a082-8a0ecb964ba3","is_powered_by":true,"section_story_id":"8dffa5bf-ae6d-40fb-a10d-931b9772d5f8","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/3\/345.jpg","photo_position":"above","related_issue":[593646],"teaser":"","voice_url":""},"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>Egypt\u2019s United Bank sale moving forward, Amer says - 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\/2019\/10\/07\/egypts-united-bank-sale-moving-forward-amer-says\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s United Bank sale moving forward, Amer says\" \/>\n<meta property=\"og:description\" content=\"M&amp;A WATCH- United Bank sale moving forward: The CBE has appointed one local and one foreign lead advisor on the expected sale of state-owned United Bank, which is \u201cmoving forward,\u201d CBE Governor Tarek Amer told reporters at a presser on Thursday, according to Reuters. Authorities should approve the banks\u2019 names within one week, he added. 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The EFG-Evercore consortium was the top pick from\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":596627,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/03\/top-investment-banks-competing-to-manage-united-bank-sale\/","url_meta":{"origin":593657,"position":1},"title":"Top investment banks competing to manage United Bank sale","author":"enterpriseam admin","date":"3 July 2019","format":false,"excerpt":"M&A WATCH- EFG, Pharos, CI, HC among investment banks facing off to advise on United Bank sale: EFG Hermes, CI Capital, Pharos and HC Securities are among investment banks bidding to become the sell-side adviser on the sale of United Bank, CBE Governor Tarek Amer told Bloomberg on Tuesday. 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EFG Hermes is joining forces with New York-based\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":574386,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/08\/united-bank-sale-on-ice-until-covid-has-passed\/","url_meta":{"origin":593657,"position":3},"title":"United Bank sale on ice until covid has passed","author":"enterpriseam admin","date":"8 September 2020","format":false,"excerpt":"M&A WATCH- United Bank sale on ice until we fully emerge from pandemic: The sale of state-owned United Bank to a strategic investor has been postponed until the covid-19 pandemic has abated and a vaccine is found, Masrawy reports, citing unnamed banking sources. 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