Saudi sovereign wealth fund in talks to acquire Egyptian bank for $600M
The sovereign wealth fund will carry out the transaction through the Saudi Egyptian Investment Company (SEIC).
Saudi Arabia’s Public Investment Fund (PIF) is in advanced talks to buy Egypt’s state-owned United Bank for about $600 million.
According to Zawya, the transaction will be carried out through the Saudi Egyptian Investment Company (SEIC), which was created by the PIF to invest in promising sectors of Egypt.
Saudi Arabia is keen to provide financial support to countries in the region as it looks to bolster allies and cement new relationships. The kingdom has pledged $10 billion of investments in sectors such as health care, education, and agriculture.
Sources have informed the Daily News Egypt that EFG-Hermes will be playing the role of a financial advisor to the PIF and is conducting advanced negotiations to complete the deal by the first quarter of 2023.
Edited by Megha Reddy
