Neither PIF nor Egypt's central bank immediately responded to a request for comment when contacted by Reuters on Wednesday. (Reporting by Hadeel Al Sayegh and Patrick Werr; Editing by Kirsten Donovan)
By Patrick Werr and Hadeel Al Sayegh
DUBAI, Feb 22 (Reuters) - Saudi Arabia has put on hold a
plan by its sovereign wealth fund to acquire Egypt's United Bank
because of a disagreement with the Egyptian authorities over its
valuation, two sources familiar with the matter told Reuters.
Saudi Arabia's Public Investment Fund began talks last year
with Egyptian authorities about buying United Bank as part of a
broader plan to shore up North Africa's most populous country
which was hit by three currency devaluations over the last year.
The two parties could not come to an agreement over how to
value the government-owned lender due to the devaluation of the
pound, and both parties are holding their positions, the sources
said.
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