{"id":603859,"date":"2023-08-22T00:00:00","date_gmt":"2023-08-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/22\/due-diligence-on-united-bank-hasnt-started-yet-says-cbe\/"},"modified":"2023-08-22T00:00:00","modified_gmt":"2023-08-22T00:00:00","slug":"due-diligence-on-united-bank-hasnt-started-yet-says-cbe","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/22\/due-diligence-on-united-bank-hasnt-started-yet-says-cbe\/","title":{"rendered":"Due diligence on United Bank hasn\u2019t started yet, says CBE"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> No due diligence on United Bank just yet: <\/strong> Investors interested in acquiring stakes in United Bank will begin due diligence by the end of September, the Central Bank of Egypt (CBE) said in <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/977.pdf\" style=\"\" rel=\"noopener\">a<\/a> <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/977.pdf\" style=\"\" rel=\"noopener\">statement<\/a> <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/977.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>, denying a press report that claimed three banks had already begun the process.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ICYMI- <\/strong>Asharq Business <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7a248ffa-5a1b-4ef5-bfac-5250146e9cc2\" style=\"\" rel=\"noopener\">reported<\/a> on Sunday that the local units of Mashreq, Cr\u00e9dit Agricole, and the National Bank of Kuwait have begun due diligence on the CBE-owned lender with a view to potentially acquire a stake. Multiple sources we reached out to declined to comment on the report.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> A nay from <\/strong><strong> Cr\u00e9dit Agricole: <\/strong> The local unit of the French bank also denied the report yesterday, clarifying that it has not begun due diligence in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/967.pdf\" style=\"\" rel=\"noopener\">EGX<\/a> <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/967.pdf\" style=\"\" rel=\"noopener\">disclosure<\/a> <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/8\/967.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a> yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> In due course: <\/strong>\u201cThe sale process is proceeding according to a predetermined schedule\u201d and the CBE will \u201cprovide updates on developments in the sale process in a timely manner,\u201d it said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> International suitors are in the running: <\/strong> A number of international financial institutions are interested in acquiring shares in the lender, the central bank said, without providing further information.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong>United Bank \u2014 in which the CBE owns a 99.99% stake \u2014 is in the lineup of 32 state companies and assets that were earmarked for <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\" rel=\"noopener\">privatization<\/a> in February.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Due diligence will begin by the end of September, central bank says<\/p>\n","protected":false},"author":1,"featured_media":603860,"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":[204,271,205,72,7128,2373,3227,81,587,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-603859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-banking","tag-central-bank-of-egypt","tag-credit-agricole","tag-enterpriseam","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":"86ee2e61-64db-4b1f-8414-1666f7c541fd","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/981.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s central bank denies report on United Bank sale","related_issue":[603851],"teaser":"Due diligence will begin by the end of September, central bank says","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.5c8e9bb2-01b0-477e-8e4f-f5d17110e9e8.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>Due diligence on United Bank hasn\u2019t started yet, says CBE - 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\/22\/due-diligence-on-united-bank-hasnt-started-yet-says-cbe\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Due diligence on United Bank hasn\u2019t started yet, 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A source from Bank Audi said to\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":631955,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/08\/qatar-islamic-bank-backs-out-of-united-bank-offer-report\/","url_meta":{"origin":603859,"position":3},"title":"Qatar Islamic Bank backs out of United Bank offer -report","author":"enterpriseam admin","date":"8 July 2024","format":false,"excerpt":"QIB and the Kuwait Finance House completed their due diligence for United Bank in December","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/535.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616023,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/27\/this-evening-qib-kfh-conclude-their-due-diligence-on-united-bank\/","url_meta":{"origin":603859,"position":4},"title":"THIS EVENING: QIB, KFH conclude their due diligence on United Bank","author":"enterpriseam admin","date":"27 February 2024","format":false,"excerpt":"Good afternoon, ladies and gentlemen, and happy hump day. The news cycle is beginning to gain traction as we steamroll to the weekend and the start of March. THE BIG STORY TODAY QIB, KFH wrap up due diligence on United Bank:Qatar Islamic Bank and Kuwait Finance House concluded due diligence\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","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\/2021\/1\/177.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":644239,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/23\/cbe-to-sell-a-stake-in-united-bank-in-ipo-by-1-q-2025\/","url_meta":{"origin":603859,"position":5},"title":"CBE to sell a stake in United Bank in IPO by 1 Q 2025","author":"enterpriseam admin","date":"23 September 2024","format":false,"excerpt":"The CBE is in the process of obtaining the required approvals form the Financial Regulatory Authority and the EGX","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\/2024\/7\/535.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\/603859","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=603859"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/603859\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/603851"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/603860"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=603859"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=603859"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=603859"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=603859"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=603859"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}