US investment fund acquires United Bank of Egypt

The United Bank of Egypt will be sold to a giant US investment fund in a period of three months.

Central Bank of Egypt (CBE) Governor Tareq Amer’s announcement comes after the US investment fund had carried out the due diligence on the bank.

The CBE governor said the US fund is one of the world’s biggest funds, with a total capital of USD 104 billion. 

The CBE holds the largest stake of the bank’s capital, with a share of around 99.9%. 

The bank has a capital of EGP 3.5 billion and owns 54 branches across the nation.

Source

http://www.egypttoday.com/Article/3/68921/CBE-gov-United-Bank-of-Egypt-to-be-sold-to