The Commercial International Bank (CIB) said on Thursday that the Egyptian Financial Supervisory Authority (EFSA) has approved a deal to sell a stake in its affiliate investment bank CI Capital Holding to a group of Egyptian and Arab investors.
The bank said in a statement to the Egyptian Exchange (EGX) that the bank received the No Objection Certificate from EFSA and is now studying the final version of the deal.
The bank signed an agreement in December to sell part of CI Capital’s shares.
A group of investors submitted a request to purchase 70-80% of CI Capital Holding, after the deal to sell it to businessman Naguib Sawiris failed.
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