EFG Hermes chosen as  financial adviser in deal to sell United Bank

The Central Bank of Egypt (CBE) has chosen a consortium grouping EFG Hermes and the New York-based Evercore, as financial advisers in the deal to sell the state-owned United Bank.

CBE owns 99.9 precent of the shares of United Bank and it is being restructured in preparation for the sale, as the CBE is not allowed to maintain ownership of any banks.

CBE said the choice of the consortium has been made following the results of five bids submitted by a group of major international financial consulting companies wishing to act as advisers for the transaction.

The CBE’s intention to sell shares of the United Bank was officially revealed in March 2016 as part of the country’s banking reforms.

The sale of United Bank aims at turning it into a distinguished financial bank for micro- and small-scale projects after its board has initially approved its sale for a strategic investor, added the statement.

The sale also aims at luring financial institutions of expertise in the banking sector as well as propelling investment in the Egyptian market.