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CIB sells CIL to AXA Investment Egypt

CIB sells CIL to AXA Investment Egypt
Photo Credit: Arabianeye - Reuters
CIB
COMI
-3.05% 80.00 -2.52

Cairo - Mubasher: Commercial International Bank (CIB) and Legal & General Group have jointly announced the sale of Commercial International Life Insurance Co. (CIL)to AXA Investment Egypt.

AXA worldwide is one of the biggest insurance companies by net revenues and is the number one insurance brand worldwide.

CIB saw an increase of 32% in net profits for the first nine months of 2015.

The lender is operating with EGP 9.17 million in capital, distributed across 917.6 million shares at EGP 10 par value each.