Saudi sovereign wealth fund plans to acquire Egyptian bank United Bank for USD 600 million
Saudi Arabia's Public Investment Fund (PIF) is in a very advanced stage of negotiations to buy Egyptian public bank United Bank for an estimated USD 600 million, sources familiar with the matter quoted by Bloomberg report. According to the newspaper this Monday, December 12, the PIF should carry out this acquisition through the intermediary of the Saudi-Egyptian Investment Co, a structure created at the beginning of this year to invest in strategic sectors of the Egyptian economy. The agreement, it is pointed out, could be finalized by the end of this year or at the latest in the first quarter of 2023. According to information from Daily