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QIB, KFH wrap up due diligence on United Bank of Egypt

Finance Kuwait City 01 Mar 24
QIB, KFH wrap up due diligence on United Bank of Egypt
Two financial giants, Qatar Islamic Bank and Kuwait Finance House eye United Bank of Egypt
Event Location
Kuwait, Kuwait
Kuwait City
Start Time
01 March 2024, 12:00 AM
End Time
31 March 2024, 12:00 AM

Qatar Islamic Bank (QIB) and Kuwait Finance House (KFH), complete their due diligence on a prize that could reshape the landscape of banking in the Middle East - the United Bank of Egypt. The stage is set, the players are ready, and the prize? A strategic acquisition that could tip the scales of power.

December last year marked a significant milestone in what has been a meticulously choreographed dance of numbers, analysis, and strategic planning. QIB and KFH concluded their due diligence on the United Bank of Egypt, a pivotal step in the acquisition process. This due diligence wasn't just about ticking off checklists; it was about peering into the future, understanding the intricacies of the Egyptian banking sector, and forecasting the potential returns on such a hefty investment. Sources close to the deal indicated that the process aimed to determine which of the two titans would make the best offer for the purchase, turning this into a battle of both wits and financial muscle.

However, the path to acquisition is fraught with challenges, the most notable being the calculation of the exchange rate between the Egyptian pound and the US dollar. it's a reflection of the volatile nature of currency markets and the complexities involved in transnational deals. The expected deal value hovers around EGP 22 billion in foreign currency, a sum that underscores the scale and significance of this acquisition.

The uncertainty around the exchange rate calculation has been a stumbling block, delaying the finalization of the deal and adding a layer of suspense to an already tense narrative.

United Bank of EgyptKuwait banking news

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