The Central Bank of Egypt Governor, Tarek Amer, revealed that there is an offer from US institution to acquire The United Bank.
Amer told Amwal Al Ghad that the US institution has a great experience in the banking sector especially related to funding small and medium enterprises.
He added that the institution is currently carrying out the due diligence examination, which is the process of evaluating a business from all aspects before making a purchase decision.
The United Bank is considered the third largest banking entity with a paid net worth of 3.5 billion EGP. For the first time, in Egyptian banking history, The Central Bank of Egypt owns 99.9 % of The United Bank.
The United Bank was the result of joining three weak entities that were not able to withstand the laws and policies of banking reform. Those three entities were: The ex-Egyptian United Bank, The ex-Islamic Bank for Development and Investment and The ex-Nile Bank.
The United Bank has a network of 51 branches, nationwide, that serves clients and meets all their financial and banking requirements.