Talks over Saudi Arabia's acquisition of United Bank of Egypt stalled

Updated 2/22/2023 2:19:00 AM
Talks over Saudi Arabia's acquisition of United Bank of Egypt stalled

Arab Finance: Negotiations over Saudi Arabia’s acquisition of the United Bank of Egypt have ended due to a dispute over the valuation of the estimated multimillion-dollar deal, Asharq Business reported on February 22nd, citing anonymous sources familiar with the matter.

The talks are over at a time when the Egyptian government works on raising the necessary funding to bridge the financing gap.

The discussions about the Central Bank of Egypt (CBE)-owned lender stumbled over how to calculate the impact of the devaluation of the Egyptian pound on the deal, according to Bloomberg.

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