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07-Aug-2016

Kuwait Finance House shows interest in buying United Bank of Egypt

Kuwait Finance House (KFH) is interested in bidding for Central Bank of Egypt (CBE)'s share in the United Bank of Egypt (UBE), according to senior banking sources familiar with the matter. CBE, which owns 99.9% of UBE, has recently announced plans to sell its shares in the bank to a strategic investor. KFH may start due diligence to buy UBE in the current month, sources said. Some foreign banks, notably from the Arab Gulf, have also showed interest in bidding for the UBE, the sources added. (Amwal Al Ghad)   Kuwait Finance House: KWD0.46 as of 4 August, Rating: Neutral, FV: KWD0.52/share, MCap: USD7,950mn, KFIN KK / KFIN.KW

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