Commercial International Bank to sell investment banking subsidiary to OTMT
Friday, 18 December 2015 08:48
Egypt’s Commercial International Bank (CIB) accepted an offer from Orascom Telecom Media and Technology Holding to buy its investment banking subsidiary, CI Capital, Reuters reports on December 17.
Egypt’s leading private bank announced early on December 17 it received a purchase offer for 100% interest of CI Capital for EGP1 billion ($127.70 million) from OTMT, a holding owned by billionaire Naguib Sawiris.
Commercial International Bank, one of the 21 African companies listed in the 2015 ranking of largest 2,000 companies in the world published by Forbes, announced last June the purchase of American Citigroup’s retail banking division in Egypt. The bank which is listed on the Cairo Stock Exchange came 1,512th on the ranking with a market capitalization of $6.3 billion.
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