Cairo – Mubasher: The Central Bank of Egypt (CBE) has selected EFG Hermes and Evercore to act as financial advisers of the sale of a stake in the United Bank.
The CBE has made its decision after reviewing five offers from major investment advisory firms, according to a statement on Sunday.
The two investment advisory firms will promote the sale of a stake in the state-run bank, conduct a fair value estimation study, and act on behalf of the CBE and the United Bank before potential buyers.
The CBE owns 99% of the United Bank which has a capital of EGP 3.5 billion and 54 branches spread across the country.
In 2006, the CBE merged three banks facing bankruptcy into one entity (the United Bank) in a bid to protect the funds of depositors. These banks were the Islamic Bank for Development and Investment, the Nile Bank, and the Egyptian United Bank.
