CBE to examine United Bank plan for restructuring investments
The Central Bank of Egypt (CBE) has recently received a restructuring plan from the United Bank of Egypt (UBE) regarding the bank’s investments in affiliated and related companies. The plan is part of measures taken to restructure the bank before being offered for sale including raising paid-up capital by EGP2.5bn. The CBE is looking to sell its stake in UBE to a strategic investor this year. The chairman of UBE Ashraf Al Qaddi has reportedly said that many global and Arab institutions are interested in acquiring the lender, adding that the time and procedures of any transaction on UBE will be decided by the CBE.
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