Commercial International Bank’s (CIB) board has tasked the bank’s management with determining if it will submit a mandatory tender offer in respect to acquiring Citigroup's retail portfolio in Egypt.

CIB said in March that it had started the due diligence process.

The mandatory tender offer isn't obligatory or binding for any of the deal's parties and won’t be followed with any agreement, CIB said in a bourse filling.

CIB posted net profits of EGP 3.7 million ($485 million) for 2014.