[ad_1]
CAIRO, March 9 (Reuters) – Egypt’s central financial institution has despatched funding banks a request for proposals to pitch for an advisory function within the sale of United Financial institution of Egypt, which the central financial institution owns, two sources with data of the matter stated.
A number of massive Western banks have obtained the request, one of many sources stated. The seek for advisors comes after talks with Saudi Arabia’s sovereign wealth fund to amass United Financial institution failed after disagreement over its valuation.
Egypt is in search of to lift money after its monetary markets had been hit by heavy international funding outflows within the wake of the Ukraine warfare, throwing the economic system into disaster. In December, it signed a $3 billion assist bundle with the Worldwide Financial Fund.
United Financial institution is certainly one of three banks the federal government positioned on an inventory final month for potential sale, together with Arab African Worldwide Financial institution and Banque du Caire (BQDC.CA), because it tries to resolve a extreme international forex scarcity.
Newest Updates
View 2 extra tales
The federal government stated it deliberate to promote stakes in 32 firms, however since then has positioned stakes in different firms up on the market as nicely.
The finance ministry stated final month it was in search of to promote the 20% stake in AlexBank that it nonetheless owns. Italy’s Intesa Sanpaolo (ISP.MI) purchased the opposite 80% in 2005.
Analysts say a stake within the state-controlled Home and Growth Financial institution may be up on the market.
Reporting by Hadeel Al Sayegh and Patrick Werr; Writing by Yousef Saba; Modifying by Muralikumar Anantharaman & Shri Navaratnam
Our Requirements: The Thomson Reuters Belief Ideas.
[ad_2]
Source link