Sources revealed that the Libyan Investment Authority (the Libyan Sovereign Fund) is exploring opportunities to enter the Egyptian banking sector in the near future by acquiring a commercial bank. The sources added to Masrawy newspaper that the Libyan Investment Authority is looking at the possibility of fully or significantly acquiring one of the Egyptian banks, although they refused to disclose its identity.
It is noteworthy that the Libyan Foreign Bank, owned by the Central Bank of Libya, holds a 27 percent stake in the Egyptian "Canal Bank." There is fierce competition among several parties to acquire the United Bank, which is owned by the Central Bank of Egypt. The United Bank is part of the government's plan to exit from the economy and sell state-owned assets, including listing shares of state-owned companies on the stock exchange or selling stakes to strategic investors, or both.
