PHOTO
Qatar Islamic Bank (QIB) has backed out of the race for acquiring United Bank, owned by the Central Bank of Egypt (CBE), after the two parties had failed to agree on a valuation for the bank, the Egyptian news site Enterprise said quoting Shourouk News.
The central bank had rejected QIB’s submitted offer worth under $400 million, according to an unnamed source to Shourouk News. Both QIB and Kuwait Finance House (KFH) had completed their due diligence on United Bank in December, but KFH has yet to submit an official offer for the bank.
The CBE is still looking to sell United Bank, as part of the government’s privatisation programme, the source added, and could consider offering its shares on EGX.
(Writing by Brinda Darasha; editing by Daniel Luiz)
