CBE gov.: United Bank of Egypt to be sold to US investment fund in 3 months

CAIRO, April 29 (MENA) - Central Bank of Egypt (CBE) Governor Tareq Amer revealed that a giant US investment fund will buy the United Bank of Egypt in a period of three months.

Amer's announcement comes after the US investment fund had carried out the due diligence on the bank.

Speaking to MENA, the CBE governor said the US fund is one of the world's biggest funds, with a total capital of USD 104 billion.

The CBE holds the largest stake of the bank's capital, with a share of around 99.9%.

The bank has a capital of EGP 3.5 billion and owns 54 branches across the nation.