Cairo-Mubasher: Commercial International Bank (CIB) secured the approval of the Central Bank of Egypt (CBE) to acquire the retail banking business of Citibank-Egypt.

CIB will start the required procedures to finalize the acquisition, said the bank in a bourse statement.

Earlier in June, both lenders sealed the final agreement that includes assets totaling $140 million, deposits amounting to $190 million and nearly 100 banking accounts.

CIB posted net profits of EGP 1.1 billion for the first quarter of 2015, up from EGP 805.7 million for the same period of the previous year.