Cairo – Mubasher: EFG Hermes Holding Co, CI Capital Holding, Pharos Holding, and HC Securities and Investment are among several banks competing to manage the sale of a stake in Egyptian state-run United Bank, the Central Bank of Egypt’s (CBE) governor Tarek Amer told Bloomberg News. 

The CBE will select the sell-side adviser that will value the lender which is 99.9%-owned by the CBE in the next weeks, Amer said.  

The size of the stake will be determined based “on the value that the investor will bring to the market,” he added, pointing out that it might be either a majority stake or a minority stake with a management deal.

One US institution has offered to acquire the United Bank, the country’s third-largest state-run bank in terms of paid-in capital, the governor revealed. 

The adviser will also determine the timing of the sale, Amer added. 

The offering has to be managed by local investment banks; however, they “can team up with international banks if they need to,” he noted.