By: Islam Fadl

Cairo – Mubasher: The Central Bank of Egypt (CBE) has selected two investment banks to manage the sale of a stake in the Egyptian state-owned United Bank, the CBE’s governor Tarek Amer said.

Regulatory approval for the appointment of an Egyptian bank and a foreign bank as sell-side advisers will be announced next week, Amer added on the sidelines of a conference on Thursday.

In July, Amer revealed that EFG Hermes Holding Co, CI Capital Holding, Pharos Holding, and HC Securities and Investment are competing to manage the sale of a stake in the United Bank which has a capital of EGP 3.5 billion and 54 branches spread across the country.