{"id":616056,"date":"2024-02-28T00:00:00","date_gmt":"2024-02-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/28\/qatar-islamic-bank-kuwait-finance-house-wrap-up-due-diligence-on-united-bank\/"},"modified":"2024-02-28T00:00:00","modified_gmt":"2024-02-28T00:00:00","slug":"qatar-islamic-bank-kuwait-finance-house-wrap-up-due-diligence-on-united-bank","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/28\/qatar-islamic-bank-kuwait-finance-house-wrap-up-due-diligence-on-united-bank\/","title":{"rendered":"Qatar Islamic Bank, Kuwait Finance House wrap up due diligence on United Bank"},"content":{"rendered":"

New investors in the running for United Bank:<\/strong>Qatar Islamic Bank<\/a> (QIB) and Kuwait<\/a><\/a>Finance House<\/a> completed their due diligence<\/a> for United Bank in December, Asharq Business<\/a> reports, citing sources it says are in the know. QIB seems to be better poised to acquire the central bank-owned lender as it seeks to enter the Egyptian market, according to one source.<\/p>\n

Exchange rate discrepancy is still a sticking point:<\/strong> One of the potential bidders remains onthe fence about the acquisition due to difficulty calculating the exchange rate at which the transaction will be made, one of the sources said, pointing to the gap between the official and parallel market prices for the USD. The transaction could reportedly reel in the USD equivalent of EGP 22 bn, the source added, which is currently worth USD 712 mn at official exchange rates.<\/p>\n

The sale has been brewing for years:<\/strong> The Central Bank of Egypt \u2014 which owns almost 100%of the bank \u2014 said it intended to sell the bank<\/a> back in 2017, and it had appointed advisors for the sale before the COVID-19 pandemic put it on ice. The bank was listed in the lineup of state companies and assets earmarked for privatization in February 2023<\/a>.<\/p>\n

ICYMI: <\/strong>Talks with Saudi Arabia\u2019s Public Investment Fund to acquire the bank \u2014 reportedlyfor USD 600 mn<\/a> \u2014 fell through<\/a> last year due to disagreements about how to value the lender amid exchange rate volatility, according to local media reports. The European Bank for Reconstruction and Development also voiced interest<\/a> in acquiring stakes in the United Bank in addition to Banque du Caire. <\/p>\n

Remember: <\/strong>Separate from Ras El Hekma\u2019s USD 35 bn agreement, the government aims to raise some USD 6.5 bn<\/a> through the privatization of state-owned companies and assets over the course of this year.<\/p>\n

Advisors: <\/strong>The CBE last year tapped<\/a> Barclays to join CI Capital as thefinancial advisors working on the sale. <\/p>\n","protected":false},"excerpt":{"rendered":"

The sale could reportedly reel in the USD equivalent of EGP 22 bn<\/p>\n","protected":false},"author":1,"featured_media":616057,"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":[271,72,2137,81,8412,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-central-bank-of-egypt","tag-enterpriseam","tag-kuwait-finance-house","tag-privatization-watch","tag-qatar-islamic-bank","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"c67f1853-d7c9-4e27-9d53-120a5e3cdf7d","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2689.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Qatar Islamic Bank, Kuwait Finance House wrap up due diligence on Egypt\u2019s United Bank","related_issue":[616052],"teaser":"The sale could reportedly reel in the USD equivalent of EGP 22 bn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.43e0aef5-23ca-4c35-82c1-3f669530bc1b.mp3"},"yoast_head":"\nQatar Islamic Bank, Kuwait Finance House wrap up due diligence on United Bank - 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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 "WHAT WE\u2019RE TRACKING TONIGHT"","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":616056,"position":2},"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 "Privatization"","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":[]},{"id":603859,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/22\/due-diligence-on-united-bank-hasnt-started-yet-says-cbe\/","url_meta":{"origin":616056,"position":3},"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 "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":568973,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/10\/is-ahli-united-bank-looking-to-sell-its-egypt-unit\/","url_meta":{"origin":616056,"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. The Kuwaiti bank is required to obtain a separate Islamic banking\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/125.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555450,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/15\/intl-banking-syndicate-to-provide-govt-with-usd-2-bn-islamic-esg-loan\/","url_meta":{"origin":616056,"position":5},"title":"Int\u2019l banking syndicate to provide gov\u2019t with USD 2 bn Islamic + ESG loan","author":"enterpriseam admin","date":"15 November 2021","format":false,"excerpt":"A syndicate of 10 regional and international banks are providing the USD 2 bn loan the Madbouly government is raising to finance green projects and plug budget shortfalls, Al Shorouk reports, citing unnamed sources. The facility will be divided into a USD 1 bn Islamic financing tranche and a USD\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616056","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=616056"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616056\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/616052"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/616057"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616056"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616056"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}