The leaders of the Commercial International Bank (CIB) are engaged in advanced stages of negotiations with investors to sell a stake in CI Capital investment bank, according to a source.
The source noted that businessman Naguib Sawiris is not taking part in the negotiations, either directly or indirectly. “Selling the stake will rely on current negotiations and coordination with concerned regulatory authorities,” he added.
The source said that following the transaction, CI Capital will be listed on the Egyptian Exchange (EGX). CIB will then sell the rest of its stake on the EGX.
Last February, the CIB signed an agreement to sell CI Capital to Beltone, owned by Sawiris’ Orascom Telecom, for EGP 924m, but the deal was not completed.
The CIB, which is also the biggest private bank in Egypt, stated in a note to the Egyptian Exchange that a number of unassociated Egyptian and Arab investors, individuals, and institutions, expressed interest in acquiring a stake of 70-80% of CI Capital.
The bank said it will retain the remaining share in CI Capital if the deal is completed.
The source declined to disclose the names of the investors CIB is currently negotiating with.
