Egypt Watch

Saudi Public Investment Fund to acquire The United Bank

On Monday, Asharq Business revealed that the Saudi Public Investment Fund is in talks to acquire The United Bank, owned by the Central Bank of Egypt, in a deal that could be worth about $600 million.

The news site quoted sources saying that the Saudi Public Investment Fund will carry out the acquisition through its investment arm in Egypt, the Saudi Egyptian Investment Company.

According to sources, the deal may be completed before the end of the year, although the final terms are still being discussed. Saudi Arabia is taking several steps to provide financial support to countries in the region. The United Bank was established in 2006 with 65 branches nationwide and more than 200 ATMs.

According to Economy Plus, the number of Saudi Public Investment Fund deals in Egypt has reached five, with total investments of $1.450 billion. Last month, the fund acquired 34% of B.TECH shares for $150 million. The fund acquired stakes in four other Egyptian companies in August for about $1.3 billion. The Abu Dhabi Sovereign Wealth Fund and the Saudi Public Investment Fund pumped nearly three billion dollars into Egypt to acquire government stakes in prominent companies under deals facilitated by the Sovereign Fund of Egypt.