{"id":603774,"date":"2023-08-21T00:00:00","date_gmt":"2023-08-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/21\/updates-on-stake-sales-for-united-bank-bdc\/"},"modified":"2023-08-21T00:00:00","modified_gmt":"2023-08-21T00:00:00","slug":"updates-on-stake-sales-for-united-bank-bdc","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/21\/updates-on-stake-sales-for-united-bank-bdc\/","title":{"rendered":"Updates on stake sales for United Bank, BdC"},"content":{"rendered":"

Privatization was back in the news cycle yesterday <\/strong> after two unconfirmed reports in the domestic press suggested the government is making progress in its quest to sell stakes in two of the three banks included in its privatization program.<\/p>\n

INTEREST IN UNITED BANK- <\/strong><\/p>\n

Mashreq Bank Egypt, Credit Agricole Egypt, and the National Bank <\/strong> of Kuwait\u2019s Egypt unit have begun due diligence on <\/strong> United <\/strong> Ban <\/strong> k <\/strong> with a view to potentially acquiring a stake in the CBE-owned lender, As<\/a> harq Busin<\/a> ess<\/a> reports, citing a source it says has knowledge of the planned sale. A second source is reported as confirming that three lenders have begun due diligence, without naming them.<\/p>\n

Folks are mum on this one: <\/strong>Multiple sources we reached out to yesterday declined to comment on the report. <\/p>\n

Remember: <\/strong>United Bank is one of the three lenders among the 32 state companies and assetsthat the government plans to sell stakes in as part of its privatization program<\/a>. The CBE in May appointed Barclays<\/a> to join CI Capital<\/a> as an advisor on the sale, and the duo were reportedly planning a promotional roadshow<\/a> in June targeting Kuwait, Qatar, Oman, and the UAE.<\/p>\n

It\u2019s unclear whether PIF is still in the running: <\/strong>The CBE \u2014 which owns 99.99% of United Bank \u2014 was negotiating to sell the lender to Saudi Arabia\u2019s sovereign wealth fund PIF before talks stalled<\/a> in February, apparently due to a dispute over valuation amid uncertainty over the exchange rate.<\/p>\n

BDC IPO THIS YEAR? <\/strong><\/p>\n

Could Banque du Caire\u2019s long-awaited IPO go ahead in 4Q 2023? <\/strong>The government is planning to offer a 49% stake in state-owned lender Banque du Caire (BdC) via the EGX in 4Q 2023, Al Borsa<\/a> reported yesterday, citing unnamed sources it says are close to the transaction. Shares are set to be offered to both institutional and retail investors, the sources are quoted as saying.<\/p>\n

Gauging demand: <\/strong>The state is reportedly waiting to see the results of the roadshow to promote the sale of United Bank \u2014 the second of three financial institutions<\/a> in the government\u2019s privatization program \u2014 before it moves forward with the BdC transaction. <\/p>\n

CI Capital on board? <\/strong>The government is looking into bringing CI Capital in on the transaction as an advisor alongside EFG Hermes, according to the newspaper. <\/p>\n

Still more no comments: <\/strong>Sources with first-hand knowledge of the potential BdC transaction declined to comment when we reached out to them yesterday.<\/p>\n

It\u2019s been a long time coming: <\/strong>The state has been planning to sell a stake<\/a> in BdC since 2016 but has delayed the IPO multiple times due to poor market conditions. The bank was among three financial institutions earmarked for sale in the government\u2019s privatization strategy unveiled earlier this year. <\/p>\n

BdC may need to renew its IPO approval: <\/strong>It\u2019s not clear if the bank will need to reapply to the Financial Regulatory Authority (FRA) for listing approval since its most recent deadline<\/a> expired on 31 March of this year. That approval is largely a procedural matter that wouldn\u2019t slow down the transaction if it were indeed to go ahead this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s unclear whether PIF is still interested in United Bank<\/p>\n","protected":false},"author":1,"featured_media":603775,"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":[204,726,136,205,84,72,78,7128,2373,3227,81,587,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-603774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-banking","tag-banque-du-caire","tag-ci-capital","tag-credit-agricole","tag-efg-hermes","tag-enterpriseam","tag-ipo-watch","tag-ma-watch","tag-mashreq-bank","tag-national-bank-of-kuwait","tag-privatization-watch","tag-state-privatization-program","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"7a248ffa-5a1b-4ef5-bfac-5250146e9cc2","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/934.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Three lenders are interested in United Bank + BdC to IPO in 4Q 2023?","related_issue":[603769],"teaser":"It\u2019s unclear whether PIF is still interested in United Bank","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.f0051a5a-a2d0-43b0-abfe-618d8c9c36d3.mp3"},"yoast_head":"\nUpdates on stake sales for United Bank, BdC - 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\/08\/21\/updates-on-stake-sales-for-united-bank-bdc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Updates on stake sales for United Bank, BdC\" \/>\n<meta property=\"og:description\" content=\"It\u2019s unclear whether PIF is still interested in United Bank\" \/>\n<meta property=\"og:url\" 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says","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\/8\/981.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562343,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/efg-hermes-set-to-transform-into-universal-bank-as-sfe-proves-its-serious-about-public-private-partnership\/","url_meta":{"origin":603774,"position":1},"title":"EFG Hermes set to transform into universal bank as SFE proves it\u2019s serious about public-private partnership","author":"enterpriseam admin","date":"20 May 2021","format":false,"excerpt":"EFG + SFE\u2019s acquisition of AIB gets Cabinet nod: EFG Hermes and the Sovereign Fund of Egypt\u2019s (SFE) acquisition of a combined 76% stake in the Arab Investment Bank (AIB) earned Cabinet approval yesterday, according to a Cabinet statement, bringing us one step closer to Egypt\u2019s first bank privatization in\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\/2021\/5\/166.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":603774,"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 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"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\/3\/Central-Bank-of-Egypt-1600-px.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":603774,"position":4},"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":[]},{"id":581760,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/valuation-dispute-puts-saudi-united-bank-acquisition-at-risk\/","url_meta":{"origin":603774,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/603774","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=603774"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/603774\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/603769"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/603775"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=603774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=603774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=603774"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=603774"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=603774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}