Bloomberg: Saudi Arabia's acquisition of The United Bank negotiations have stopped

Bloomberg Agency said that negotiations between Saudi Arabia and Egypt regarding the acquisition of "The United Bank" have stopped due to a disagreement over how to evaluate the deal, at a time when the Egyptian government is working to collect much-needed funding.

according to Bloomberg, the discussions about the United Bank, which is owned by the Central Bank of Egypt, have stopped because of how to calculate the impact of the devaluation of the Egyptian pound on the deal.

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 Dr. Mohamed Abd elAty, Head of the Projects and Real Estate Group at the National Bank of Egypt, said that the bank’s branches are its assets and preserving them befits the history of the entity, explaining that the bank’s management adopts a unified strategy to provide a suitable work environment for employees and better services for customers in addition to a smart operating system to provide all banking services for the elderly. 

Abd elAty explained that the development of the bank's branches is according to a strategy that is in line with the standards of sustainability and energy rationalization, noting that the main branch is built on an area of 12000 square meters and is equipped with an electronic branch and places for wealth customers and small and medium enterprises.

The Commercial International Bank Egypt "CIB" achieved a growth of 1.4% in corporate's loan portfolio, to reached EGP 166.202 billion by the end of December 2022, with an increase of EGP 2.26 billion compared to about EGP 163.94 billion in December 2021.

Dr. Mohamed Maait, Minister of Finance, confirmed that the ministry succeeded in offering the first issuance of sovereign Islamic sukuk in the history of Egypt, as the value of the subscriptions amounted to about $6.1 billion, which means covering the subscription by more than four times, explaining that the cost of the issuance was less than the return demanded for bonds in the international secondary markets increased by more than seventy points, as the return price on the offering was reduced by about 72.5 basis points compared to the opening prices announced at the beginning of the offering process at the level of 11.675%, to close the issue pricing at 11%.