Egypt’s central bank has on Monday refuted all “unsupported” media reports circulating a due diligence process for the sale of the United Bank.
The Central Bank of Egypt (CBE) further said in a statement on Monday that the due diligence process for the United Bank with interested buyers will start by the end of September 2023.
A number of international financial institutions has shown interest in the United Bank’s takeover deal, the CBE said, adding that it would continue to provide any updates on the sale process in a timely manner.
The United Bank enjoys a very distinguished position among Egyptian lenders for demonstrating sustainable growth as well as its prime banking services, highly-qualified calibres, and adoption of sound governance rules and international best practices in line with applicable rules and laws.
With regard to the diversity of its products and its customer base, the bank provides banking services to its customers from various segments; individuals, companies and small and medium enterprises, in addition to its Islamic banking services and etc.
The United Bank operates through a wide network of branches amounting to 68 in addition to its digital channels. In terms of financial solvency and its financial position data as of December 2022, its total assets amounted to 85 billion Egyptian pounds.
