{"id":631955,"date":"2024-07-08T00:00:00","date_gmt":"2024-07-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/08\/qatar-islamic-bank-backs-out-of-united-bank-offer-report\/"},"modified":"2024-07-08T00:00:00","modified_gmt":"2024-07-08T00:00:00","slug":"qatar-islamic-bank-backs-out-of-united-bank-offer-report","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/08\/qatar-islamic-bank-backs-out-of-united-bank-offer-report\/","title":{"rendered":"Qatar Islamic Bank backs out of United Bank offer -report"},"content":{"rendered":"

QIB is out of the running for United Bank: <\/strong>The Qatar Islamic Bank (QIB) has backed out of the race to acquire Central Bank of Egypt-owned lender United Bank after the two parties failed to agree on a valuation for the bank, Shourouk News<\/a> reports, citing an unnamed source it says is familiar with the matter. The Qatari bank submitted an offer of under USD 400 mn, the source added.<\/p>\n

Remember: <\/strong>QIB and Kuwait Finance House (KFH) both completed<\/a> their due diligence for United Bank in December. KFH has yet to submit an official offer for the bank. <\/p>\n

How much is United Bank worth? <\/strong>Before the float of the EGP back in March, the transaction was set to reel in the USD equivalent of EGP 22 bn \u2014 pre-float that was the equivalent of USD 712 mn and at today\u2019s exchange rate it\u2019s the equivalent of USD 459 mn. Last year, the bank saw its net income rise 31% y-o-y to EGP 1.7 bn<\/a>, while its assets saw a 19% y-o-y growth to record EGP 101 bn. <\/p>\n

Years in the making:<\/strong> The central bank \u2014 which owns 99.9% of the bank \u2014 first announced its plan to sell the bank in 2017, but the Covid pandemic put the plans on ice. United Bank was also listed in the lineup of state companies and assets earmarked<\/a> for privatization in the rebooted privatization program unveiled in February 2023.<\/p>\n

ICYMI: <\/strong>Talks with Saudi Arabia\u2019s Public Investment Fund to acquire the bank \u2014 reportedly for 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

A listing on the EGX? <\/strong>The central bank is looking into offering United Bank on the EGX, the source said. <\/p>\n","protected":false},"excerpt":{"rendered":"

QIB and the Kuwait Finance House completed their due diligence for United Bank in December<\/p>\n","protected":false},"author":1,"featured_media":631956,"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":[7363],"tags":[72,2137,7128,8412,7193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-631955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam","tag-kuwait-finance-house","tag-ma-watch","tag-qatar-islamic-bank","tag-united-bank","wpautop","entry"],"acf":{"mongo_id":"b6e91032-a51d-4665-a6f9-d9f3ddc33275","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/535.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Qatar Islamic Bank backs out of acquisition offer for Egypt\u2019s United Bank -report","related_issue":[631947],"teaser":"QIB and the Kuwait Finance House completed their due diligence for United Bank in December","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.479928b7-1c00-4cb5-ad8c-b85d1a51bb3a.mp3"},"yoast_head":"\nQatar Islamic Bank backs out of United Bank offer -report - 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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":616056,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/28\/qatar-islamic-bank-kuwait-finance-house-wrap-up-due-diligence-on-united-bank\/","url_meta":{"origin":631955,"position":1},"title":"Qatar Islamic Bank, Kuwait Finance House wrap up due diligence on United Bank","author":"enterpriseam admin","date":"28 February 2024","format":false,"excerpt":"The sale could reportedly reel in the USD equivalent of EGP 22 bn","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\/2\/2689.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":631955,"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":574752,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/21\/ifc-selling-its-stake-in-aub-egypt\/","url_meta":{"origin":631955,"position":3},"title":"IFC selling its stake in AUB Egypt?","author":"enterpriseam admin","date":"21 September 2020","format":false,"excerpt":"M&A WATCH- Is IFC selling its stake in AUB Egypt? The International Finance Corporation (IFC) is reportedly selling its 10% stake in Ahli United Bank (AUB) Egypt to AUB Egypt\u2019s parent company in Bahrain, the local pressreported, citing unnamed sources familiar with the matter. This would account for the bulk\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\/9\/221.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":631955,"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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