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Egypt regulator to refer CIB, AXA deal to PM in days

Egypt regulator to refer CIB, AXA deal to PM in days
Photo Credit: Arabianeye - Reuters
CIB
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By Ahmed Allam

Cairo – Mubasher: Egypt’s stock market regulator EFSA will prepare a study on the French AXA’s takeover of Commercial International Life Insurance Company (CIL) ​​​​​​​​​​, to be presented in two days to Investment Minister Ashraf Salman, in preparation for referring it to Prime Minister Ibrahim Mahleb, said EFSA chairman Sherif Sami.

Commercial International Bank (CIB) - Egypt and Legal & General divested their 45% and 55% respective stakes in CIL ​​​​​​​​​​​ to AXA in a deal worth EGP 763 million, CIB said on Monday.

The move comes as part of a strategy aimed to provide diversified non-banking services to clients via specialised firms across several sectors, mainly insurance, the bank added.

Sami noted that any acquisition of a stake amounting to 10% minimum in an insurance company requires the Prime Minister’s approval.

CIB also said the divestiture is likely to be completed by the end of this year.

The Egypt-listed bank previously announced landing a deal to acquire Citibank’s retail portfolio, with a total asset value of $140 million.