• A number of international institutions have shown interest in buying the bank

• The due diligence process with buyers will begin at September-end

Cairo, August 21, 2023

In light of the media reports circulating the sale of the United Bank, the Central Bank of Egypt (CBE) strongly rejects the allegations about the start of due diligence process, saying the sale process is underway according to a predetermined schedule.

In a statement on Monday August 21, 2023, the CBE said the due diligence process for the United Bank with interested buyers will start by the end of September 2023.

The central bank confirms interest from a number of international financial institutions, and that it would continue to provide updates on the sale process in a timely manner.

The United Bank occupies a distinguished position among Egyptian banks for demonstrating sustainable growth, providing banking services through highly-qualified calibers, and its adherence to sound governance rules and international best practices in line with applicable rules and laws. With regard to the diversity of its products and its customer base, the United Bank provides banking services to its customers from various sectors, which include individuals, companies and small and medium enterprises, in addition to Islamic banking services and others.

The United Bank operates through a wide network of branches amounting to 68 branches in addition to its digital channels, 225 ATMs, and 1,723 employees. In terms of financial solvency and its financial position data as of December 2022, the total assets of the United Bank amounted to 85 billion Egyptian pounds.