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CIB to bid for Citibank's Egypt retail portfolio

CIB to bid for Citibank's Egypt retail portfolio
Photo Credit: Arabianeye-Reuters
CIB
COMI
-3.05% 80.00 -2.52

Commercial International Bank (CIB) said Monday it will make an offer to takeover Citigroup's retail portfolio in Egypt.

Earlier, CIB's board delegated the bank's management to determine if it would submit a mandatory tender offer or not.

The takeover was first announced March as CIB said 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.