Kuwait purchases United Bank of Egypt

The Kuwait Investment Authority (KIA) has purchased the United Bank of Egypt, one of the most famous banks in the country, the Egypt Times reported.

According to the site, the bank was sold for approximately $660 million, with contracts due to be officially signed after the end of the Eid Al-Fitr holiday which is due to take place this weekend.

The Egyptian government had earlier narrowed down the offers submitted to buy the bank to only two; one by the Qatari Investment Authority and another from the Kuwait Investment Authority. Further details about the deal and the submitted offers will be announced after the Eid holiday, according to the same source.

The United Bank is one of more than 32 state-owned companies and commercial establishments that Egypt plans to sell as a whole or in part to strategic investors.

Earlier, several sources revealed talks with the Saudi Public Investment Fund to acquire the United Bank for up to $600 million, but talks collapsed due to a dispute over how to measure the impact of the depreciation of the Egyptian pound on the deal.