Qatar Islamic Bank (QIB) has withdrawn from its bid to acquire United Bank, which is owned by the Central Bank of Egypt (CBE). According to reports from Shourouk News via Enterprise, QIB’s offer, valued under $400 million, was rejected by the CBE due to disagreements on the bank’s valuation. Both Qatar Islamic Bank and Kuwait Finance House (KFH) had conducted due diligence on United Bank in December. However, KFH has not yet made a formal offer. The Egyptian government, as part of its privatisation initiative, continues to seek buyers for United Bank, with potential plans to list the bank’s shares on the Egyptian Exchange (EGX).

Banking, Private Equity and Venture Capital, Privatisation,Egypt, Qatar, Kuwait

https://www.zawya.com/markets/equities/qatar-islamic-bank-backs-out-of-bid-to-acquire-egypts-united-bank-report-hdjz16to