Egypt’s CIB agrees to sell 10 pct of CI Capital, says CEO

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Egypt’s largest listed bank, Commercial International Bank, has agreed to sell 10 percent of its investment banking arm CI Capital to a local investor, CI Capital CEO Mahmoud Attalla said on Sunday.

CIB finalised a deal in March to sell about 75 percent of CI Capital to a group of Egyptian and Gulf investors in a deal worth about $40 million.

The bank has been seeking buyers for its investment banking unit ever since a planned sale to Beltone Financial, agreed in February last year, failed to win regulatory approval.

Attalla said CI Capital aims to increase its assets under management to 10 billion Egyptian pounds ($551.88 million) this year, from 8 billion pounds currently, and is planning to do a capital increase in the first quarter of next year.

CI Capital also plans to launch a company in the fourth quarter of this year that will focus on funding microfinance projects, Attalla said.

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