Reuters
CAIRO: Commercial International Bank (CIB) and businessman Naguib Sawiris have completed details of their alliance in investment banking and brokerage operations, a CIB statement said.
Sawiris, along with fellow investors in Oasis Capital, will integrate their banking and brokerage activities with those of the CIB subsidiary Commercial International Capital Holding (CICH), said the statement received on Monday.
A CIB spokesman, Hossein Abaza, said the restructured investment bank would have a total capital of LE 540 million ($94 million), divided between CIB with about 53 percent, the employees fund with 8 percent and the balance for Sawiris and other minority investors.
CICH will be uniquely positioned to aggressively expand its business … Its objective is to create the preeminent investment and merchant banking institution in Egypt and across the Gulf region, the statement said.
Sawiris is chairman of regional mobile phone operator Orascomn Telecom and Oasis Capital is a $150-million private equity fund in which he is a major partner. Oasis includes the Olayan and Al-Futtaim families of the Gulf.
Another partner in CICH is Dynamic Securities, a Cairo brokerage which is strong in the retail brokerage market.
The new company, first announced in August, is expected to have at least LE 8 billion ($1.4 billion) under management.
Its main competitor would be EFG-Hermes, which has gained a foothold in the United Arab Emirates and is expanding into Saudi Arabia.
