Egypt's Central Bank Appoints Barclays as International Consultant for Divestment Deal

The Central Bank of Egypt announced today, Wednesday, its intention to completely divest its stake in the United Bank as part of the Egyptian government's program to sell stakes in companies. The Central Bank appointed Barclays as the international consultant to finalize the divestment deal. In a statement, the bank noted that Barclays will "carry out its tasks alongside the local advisor, CI Capital." The Central Bank of Egypt stated that the assets of the United Bank amount to 60 billion Egyptian pounds ($1.94 billion), and its total capital reached 10.7 billion Egyptian pounds in December 2022, with its capital base reflecting a capital adequacy ratio of up to 21 percent.