CAIRO: Investors including businessman Naguib Sawiris are pooling their investment banking and brokerage operations with Commercial International Bank (CIB), a statement said on Sunday. Sawiris and Oasis Capital will buy equity in Commercial International Capital Holding (CICH), which owns CIB s brokerage, asset management and investment banking operations. Sawiris is chairman of regional mobile phone operator Orascom Telecom and Oasis Capital is a $150 million private equity fund in which he is a major partner. CICH will also acquire Dynamic Securities, one of Cairo s biggest brokerages specializing in retail investor business, said the statement from Oasis Capital. An official of Oasis Capital said Sawiris and the other new partners would end up holding significantly more than 20 percent of the newly structured CICH. The new CICH will have at least LE 8 billion ($1.4 billion) under management, he added. This alliance … will be ideally positioned to leverage the existing platforms of the parties as well as benefit from their regional outreach in order to expand into nearby financial markets, the statement said. Reuters
New investors join investment wing of CIB
