Egypt’s central bank has sent investment banks a request for proposals to pitch for an advisory role in the sale of United Bank of Egypt, which the central bank owns, two sources with knowledge of the matter said.
For the latest headlines, follow our Google News channel online or via the app.
Several big Western banks have received the request, one of the sources said. The search for advisors comes after talks with Saudi Arabia’s sovereign wealth fund to acquire United Bank failed after disagreement over its valuation.
The Central Bank of Egypt did not immediately respond to a request for comment.
United Bank is one of three banks the government placed on a list last month for potential sale, along with Arab African International Bank and Banque du Caire, as it tries to resolve a severe foreign currency shortage.
The list contained 32 companies the government planned to sell stakes in by the end of March 2024. Since then the government has announced stakes in other companies potentially up for sale as well.
Egypt is seeking to raise cash after its financial markets were hit by heavy foreign investment outflows in the wake of the Ukraine war, throwing the economy into crisis. In December, it signed a $3 billion support package with the International Monetary Fund.
The finance ministry said last month it was seeking to sell the 20 percent stake in AlexBank that it still owns. Italy’s Intesa Sanpaolo bought the other 80 percent in 2006.
Analysts say shares in the Housing and Development Bank , in which the government has a 59.5 percent stake, may also be up for sale.
Egypt’s pre-Ramadan inflation surge puts more rate hikes in play
Egypt offers new ways foreign investors can buy citizenship to attract vital dollars
Four people killed in Egypt train crash: New toll
Egypt’s pre-Ramadan inflation surge puts more rate hikes in playEgyptian urban inflation accelerated far faster than expected as a wave of currency devaluations made imports more expensive and sent food prices ... Economy
Egypt offers new ways foreign investors can buy citizenship to attract vital dollarsEgypt announced Wednesday it is offering citizenship to foreign investors willing to spend at least $250,000 in the country, as it struggles to fill ... Economy
Four people killed in Egypt train crash: New tollFour people were killed and 23 injured when a passenger train slammed into the buffers at a station north of Cairo, the Egyptian health ministry said ... Middle East