CAIRO: Commercial International Bank (CIB) will set up a subsidiary in Algeria in conjunction with investors from Egypt and the United Arab Emirates, the bank said on Tuesday. CIB and the other investors, who were not named, have signed a memorandum of understanding on the bank, which will be called CIB-Algeria, it said in a statement. The Algerian banking sector offers significant growth opportunities, particularly in corporate banking, as the role of the country s private sector expands through privatization and FDI (foreign direct investment), it added. The same statement said CIB had restricted its bid for Egyptian state-owned Bank of Alexandria to terms which would not dilute shareholder value . Italian bank Sanpaolo bought 80 per cent of Bank of Alexandria at auction on Tuesday with a bid at $1.6 billion.
CIB to set up Algerian subsidiary
