25 March 2017

The Commercial International Bank (CIB), Egypt’s largest listed private-sector bank, has signed a deal to divest 75 per cent of its investment arm CI Capital to a number of local and foreign investors.

A CIB statement noted that the LE710 million deal puts the market value of CI Capital at LE950 million. Market sources expect the bank to eventually float the remaining 25 per cent on the local stock exchange.

The new shareholders include Arafa Group’s Alaa Arafa, Habitat Furniture owner Ismail Al-Turk, and construction magnate Mahmoud Al-Gammal, with each gaining 9.9 per cent. Business tycoon Naguib Sawiris tried to acquire the company through an offer by investment group Beltone Financial, a deal which failed to receive regulatory approval.

© Al Ahram Weekly 2017