The due diligence process on the United Bank of Egypt will start by the end of September with interested buyers, according to an official statement by the Central Bank of Egypt (CBE) on August 21st.

A number of international financial institutions have already shown interest in the process, provided that any updates regarding the sale process would be disclosed promptly.

On the same day, Credit Agricole Egypt (CIEB) denied conducting due diligence on the United Bank of Egypt.

It was previously reported by Asharq Business that three Egyptian banks namely Mashreq Bank Egypt, Crédit Agricole Egypt, and Al Ahli Bank of Kuwait-Egypt (ABK) have started conducting due diligence on the United Bank of Egypt.

In May, the CBE appointed Barclays Bank PLC as an international adviser, alongside CI Capital Investment Banking as the local financial adviser, to divest its stake in the United Bank of Egypt.

 

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