Arab Finance: Credit Agricole Egypt (CIEB) has denied conducting due diligence on the United Bank of Egypt, according to a filing sent to the Egyptian Exchange (EGX) on August 21^st.

A day earlier, it was reported that three Egyptian banks namely Mashreq Bank Egypt, Crédit Agricole Egypt, and Al Ahli Bank of Kuwait-Egypt (ABK) have started conducting due diligence on the United Bank of Egypt.

Launched in 1996 and listed on the EGX in 2006, Credit Agricole provides commercial banking services, including deposits, loans, and credit cards; asset management services including fund, portfolio, and wealth management; investment banking services including corporate finance and investment advisory on mergers and acquisitions, initial public offering, and underwriting.

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