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NBE offers to buy CIB unit for EGP 1bln

NBE offers to buy CIB unit for EGP 1bln
Photo Credit: Arabianeye - Reuters
CIB
COMI
-3.05% 80.00 -2.52

Cairo – Mubasher: The Commercial International Bank (CIB) said Monday it received a non-binding offer amounting to EGP 1 billion from the National Bank of Egypt to acquire 100% of its investment arm CI Capital.

CIB pointed out the offer doesn’t come in line with time frame agreed on with Al Ahly Capital, a subsidiary of National Bank of Egypt.

A week earlier, CIB received a letter from Al Ahly Capital, showing the latter’s interest in acquiring CI Capital, without submitting a non-binding offer.

Last December, CIB said it has received a non-binding offer from Orascom Telecom Media and Technology Holding to acquire 100% of CI Capital.