CAIRO: Commercial International Bank (CIB) has started a due diligence process on CITI Bank’s retail portfolio, CIB announced in a disclosure statement to the Egyptian Exchange (EGX) Wednesday.
CIB is the market bellwether, acquiring more than 30 percent of the benchmark index’s EGX30 weight.
The data examining could lead to the acquisition of CITI’S retail portfolio, CIB said in the statement, emphasizing that any progress would be based on the results of the due diligence process.
Further, CIB said discussions with CITI may not result in any “specific transaction”, affirming that negotiations are still in a preliminary stage.
In 2014, CIB posted net profits of EGP 3.7 billion EGP ($485 million,) marking a 23.3 percent growth, compared to 3 billion EGP in 2013.