Kuwaiti Finance House offers to acquire United Bank of Egypt

Kuwait Finance House (KFH) has submitted a non-binding offer to acquire United Bank of Egypt, the Federation of Egyptian Banks (FEB) reported on Thursday.

In a statement to the Kuwait Stock Exchange, KFH explained that they have obtained the necessary data for evaluation, but there is no final offer has been made yet. This move is part of the group’s efforts to explore investment opportunities.

Reports had previously indicated that Qatar Islamic Bank (QIB) and KFH had completed the due diligence process for United Bank in December last year, in preparation for one of them to acquire it based on the best price.

It is worth mentioning that United Bank is one of the Egyptian banks that the government is planning to divest from, as part of a plan to sell more than 32 state-owned companies.