Cairo – Mubasher: A subsidiary of National Bank of Egypt (NBE) joined the race for the acquisition of CI Capital, the investment arm of Commercial International Bank – Egypt, Reuters cited a source at NBE as saying.

NBE Capital submitted a buy offer for CI Capital total shares on Thursday, the source added.

CI Capital's CEO told Mubasher in January that OTMT may finalise due diligence over his company in the following two weeks.

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

The deal value will be within the range of EGP 1 billion, said a bourse statement earlier.

CI Capital Holding acquired the stake of Commercial International Bank - Egypt (CIB)in CorpLease for EGP 133 million ($17 million), said a bourse filing.

CI Capital Holding is CIB's wholly owned investment banking arm.

CorpLease is a joint stock company established in January 2004 with an authorised capital of EGP 270 million. The company was formed by leading financial institutions among which are CIB, DEG and UBAF.