PIF in advanced talks to acquire Egypt's The United Bank at $600 mln: Report

Logos of Saudi Arabia’s Public Investment Fund (PIF) and Egypt’s The United Bank

Saudi Arabia’s Public Investment Fund (PIF) is in advanced talks on the potential acquisition of Egypt’s state-owned The United Bank, in a deal worth up to $600 million, Bloomberg reported, citing sources with knowledge of the matter.

The sovereign fund will carry out the acquisition through its wholly-owned unit Saudi Egyptian Investment Co. (SEIC), sources said, adding that discussions on the final terms and conditions are still ongoing. They also said that deal may be concluded this month.

In August, PIF announced the launch of SEIC to invest in promising sectors across Egypt, one of the world’s emerging markets, according to Argaam’s data.

The subsidiary focuses on investment in various major sectors, including infrastructure, real estate development, healthcare and financial services. This is in addition to investment in foodstuff, agricultural and industrial projects, such as pharmaceutical industries and other attractive opportunities.

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