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CIB buys Citi’s retail business in Egypt

CIB buys Citi’s retail business in Egypt
Photo Credit: Arabianeye - Reuters
CIB
COMI
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Cairo – Mubasher: Commercial International Bank (CIB) said Tuesday it signed a final agreement to acquire Citibank 's retail banking portfolio in Egypt.

The executive procedures will commence once regulatory approvals are obtained, the bank added.

In a separate statement, Citibank Egypt said the deal is targeted to close later in 2015. Approximately 900 full time consumer banking and contract employees, eight Citi branches and the ATM network in Egypt will also transfer to CIB upon closing.

Citi intends to focus on expanding the services it offers to Egyptian corporations, banks and public sector clients as well as continuing to service its multi-national clients with operations in Egypt and global investors, according to a press statement.