Crédit Agricole Egypt denies talk of due diligence on United Bank

Crédit Agricole Egypt denied a report on Monday it was undertaking due diligence on the potential acquisition of the United Bank.

In May, Egypt’s central bank has announced that it had picked Barclays Bank as its international financial advisor for the fully divestiture of the United Bank. It also chose CI Capital as its local financial advisor.

The move is line with the government’s recently-announced ambitious divestiture programme that aims to boost the role of the private sector and pave the way for more inclusive and private-sector-led economic growth.

The Central Bank of Egypt (CBE) established the United Bank in June 2006 through the merger of three banks; the Egyptian United Bank, the Nile Bank, and Islamic International Bank for Investment and Development.