By: Ahmed Allam

Mubasher: The Commercial International Bank – Egypt (CIB) has agreed selling a local investor a 10% stake in CI Capital, according to the deputy chairman and group CEO, Mahmoud Attalla.

Attalla, the CEO of CI Capital, said on the sidelines of a press conference on Sunday that negotiations are being carried out for selling 3.7%, while it is keeping another 10% stake.

He also revealed that part of the CI Capital’s shares will be listed on the Egyptian Exchange (EGX) to raise its capital in the first quarter of 2018.

The company also plans to increase its assets under management (AUM) portfolio by 25% in 2017.

In March, the Commercial International Bank – Egypt (CIB) announced selling 74.75% of its stake in its subsidiary CI Capital Holding for EGP 710.158 million.

The bank retained a minority stake of 25.24% of CI Capital Holding.

Translated by: Moslem Ali