QIB, KFH wrap up due diligence on United Bank of Egypt

Qatar Islamic Bank (QIB) and Kuwait Finance House (KFH) have concluded due diligence on the United Bank of Egypt, four sources familiar with the deal told Asharq Business.

This move sets the stage for one of the two banks to acquire the Egyptian bank based on preference of best price offered, they noted.

QIB and KFH finalized the due diligence process last December, one source said.

Both banks have not closed the deal until now due to the difficulty of calculating the Egyptian pound to US dollar exchange rate, another source noted, expecting the deal to be valued at an equivalent of EGP 22 billion in foreign currency.

However, one source pointed out that the sale of the United Bank to a strategic investor near completion, adding that this investor is likely to be QIB.

 

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