KFH Group submitted a non-binding offer to obtain the data required for the assessment for United Bank on which basis final offer was not presented
The Kuwait Finance House (KFH) announced that a subsidiary of KFH Group has assessed the opportunity to acquire Egypt’s United Bank. KFH Group submitted a non-binding offer to obtain the data required for the assessment for United Bank on which basis final offer was not presented, it stated in a disclosure.
According to the statement, the KFH group subsidiary still hasn’t submitted a final offer. Earlier last week, Asharq Bloomberg reported that Qatar Islamic Bank (QIB) and KFH have completed conducted due diligence on the United Bank in preparation for one of them to acquire it based on price preference.
Sources suggest that QIB is closer to winning the deal as it has plans to enter the Egyptian market and the deal’s value may reach EGP 22 billion, according to Asharq Bloomberg’s uncited sources.
United Bank is one of the 35 state-owned companies offered by Egypt in its Initial Public Offering (IPO) program to strategic investors, the public offering on the Egyptian Stock Exchange, or both, to provide foreign currency, within the framework of a state-owned policy document.
Egypt is looking to attract $6.5 billion from its IPO program in 2024, according to Minister of Finance, Mohamed Maait.
