Egypt Times revealed that the Kuwait Investment Fund had acquired The United Bank, one of the most famous banks in Egypt.
The deal was concluded in favor of the Kuwait Investment Fund with approximately 660 million dollars, while the contracts will be officially signed after the end of the Eid al-Fitr holiday.
The Egyptian government, according to informed sources told “Egypt Times”, had earlier reduced the offers submitted to buy the bank to only two offers, the first for the Qatari Sovereign Fund, and the other for the Kuwaiti Investment Fund, and the contracts were prepared for signing after the end of the Eid Al-Fitr holiday.
The Egyptian government was scheduled to start the procedures for selling the “United Bank” in the coming days after choosing one of the offers that submitted to acquire the bank, as the offers submitted to acquire the bank were reduced to two offers, and immediately after the feast, the deal and details of the offer will be announced.
The United Bank is one of the Egyptian banks that Egypt is working to exit from as part of an exit plan from more than 32 state-owned companies, by offering them on the stock exchange or selling shares to strategic investors, or both.
Earlier, several sources revealed talks with the Saudi Public Investment Fund to acquire The United Bank for up to $600 million, but the negotiations were halted earlier due to a dispute over how to calculate the impact of the depreciation of the Egyptian pound on the deal.
The Central Bank of Egypt, which owns The United Bank, had sent requests to investment banks to submit offers to play the role of advisor to sell the bank.
This article was originally published by RT.