Egypt Independent

US investment fund to buy Egypt’s United Bank: CBE



Governor of Central Bank of Egypt (CBE) Tarek Amer announced on Monday that a US investment fund would buy the United Bank during the coming three months, after the fund had carried out due ‘undisclosed’ checks on the bank, the Middle East News Agency (MENA) said.

Amer said that the fund was one of the world’s biggest funds with a total capital of US$ 104 billion. He added that the fund has financed several small and medium enterprises (SMEs) in Egypt.

The CBE holds 99.9 percent share of the United Bank with a capital of LE3.5 billion.

Three banks, namely the Islamic Development and Investment Bank, the Nile Bank and the United Bank of Egypt had been merged in 2006 and formed the United Bank which has owned 54 branches nationwide.