ICEC

Kuwait Finance House shows interest in buying United Bank of Egypt: sources

Kuwait Finance House is interested in bidding for Egyptian central bank’s share in the United Bank, senior banking sources familiar with the matter told Amwal Al Ghad on Saturday.

The Central Bank of Egypt, which owns 99.9 percent of the United Bank, has recently announced plans to sell its shares in the bank to a strategic investor.

The Kuwaiti bank may start due diligence to buy the United Bank within the current month, the sources said.

Some foreign banks, notably from the Arab Gulf, have also showed interest in bidding for the United Bank of Egypt, the sources added.

Kuwait Finance House (KFH) was established in Kuwait in 1977 as the first bank operating in accordance with the Islamic Shari’a. KFH is listed in Kuwait Stock Exchange (KSE), with a market capitalisation of KWD 2.667 billion as of 31 December 2008. It has been awarded Best Islamic Bank in the world from CPI Financial institution for the year 2014.

KFH’s Group banking network spans across seven regions worldwide, with 430 branches, over 790 ATMs and approximately 8,600 employees.

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