Egypt’s central bank hires Barclays Bank to advise on sale of stakes in United Bank
The Central Bank of Egypt (CBE) has handpicked Barclays Bank as an international sell-side advisor for the sale of its 99% stake in the state-owned United Bank, Egypt Today reports.
Barclays will work alongside local financial advisor, CI Capital, the media also notes. United Bank is one of the 32 state-owned companies the Egyptian government listed as part of its IPO program.
CBE launched United Bank in June 2006 as part of its reform strategy in Egypt. The entity is the merger of three banks namely The Egyptian United Bank, The Nile Bank, and Islamic International Bank for Investment and Development.
The central bank did not disclose the size of the operation. The CBE’s Monetary Policy Committee (MPC), Egypt Today notes, is scheduled to meet today to review key interest rates, economic experts predicted that the interest rates will remain unchanged.