Qatar Islamic Bank (QIB) has exited the bidding process for Egypt’s United Bank after failing to concur on valuation terms with the Central Bank of Egypt (CBE). Despite QIB’s offer, which was under $400 million, the CBE dismissed it, leading QIB to withdraw. Meanwhile, Kuwait Finance House (KFH), which also completed due diligence on United Bank in December, has not yet made an official bid. The CBE continues to seek a buyer as part of the Egyptian government’s privatization efforts, potentially considering listing United Bank’s shares on the Egyptian Exchange (EGX).

Banking and Financial Services, Privatization and State-Owned Enterprises,Egypt, Qatar, Kuwait

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