Saudi sovereign wealth fund in talks to acquire Egyptian bank for $600mln
Saudi Arabia’s Public Investment Fund (PIF) is in advanced talks to buy Egypt’s state-owned United Bank for about $600 million, Bloomberg cited people with knowledge of the matter.
The $620 billion sovereign wealth fund would carry out the transaction through the Saudi Egyptian Investment Company (SEIC).
In August 2022, the PIF launched SEIC to invest in promising sectors throughout Egypt, one of the world’s emerging markets.