Two Saudi lenders, Riyad Bank (SASE:1010) and shariah-compliant lender Al Rajhi Banking and Investment Corporation (SASE:1120), are looking to either fully acquire or buy a partial stake in state-owned United Bank ltd (UAE), Al Mal newspaper reported parliament's budget committee head Fakhri El Fiqi as saying. The two Saudi banks are reportedly looking to come on board as strategic investors in United Bank, currently 99.9% owned by the Central Bank of Egypt. The CBE formed United Bank through the merger of three failing private sector banks in the late 1990s, during the bank restructuring of the period.

According to local media, PIF has appointed EFG Hermes as financial advisors and US law firm, Akin Gump, as legal counsel, while CI Capital is reportedly acting as United Bank's advisor.