Cairo – Mubasher: Commercial International Bank (CIB) - Egypt and Legal & General divested their 45% and 55% respective stakes in Commercial International Life Insurance Company (CIL) ​​​​​​​​​​​ to AXA in a deal worth EGP 763 million, CIB said on Monday.

The move comes as part of a strategy aimed to provide diversified non-banking services to clients via specialised firms across several sectors, mainly insurance, the bank added.

CIB also said the divestiture is likely to be completed by the end of this year.

The Egypt-listed bank previously announced landing a deal to acquire Citibank’s retail portfolio, with a total asset value of $140 million.