CAIRO – 27 February 2024: Qatar Islamic Bank and Kuwait Finance House (KFH) have completed their due diligence on the United Bank, which is owned by the Central Bank of Egypt, according to sources cited by Asharq Bloomberg. This evaluation is in preparation for one of the banks to acquire it, with preference given to the bank offering the higher price. Another source explained that the sale of the United Bank to a strategic investor has become imminent, and the closest one to it is Qatar Islamic Bank, due to its desire to enter the Egyptian market. However, the inability of one of the competitors to finalize the agreement has posed challenges in determining the exchange rate between the Egyptian pound and the U.S. dollar. This acquisition is part of Egypt's initial public offering (IPO) strategy, which aims to attract foreign currency through the offering of shares from 35 state-owned companies.

Source: Egypt Today February 27, 2024 15:57 UTC