CAIRO: The board of Egypt’s Commercial International Bank (CIB) announced Sunday it has delegated its management to decide on submitting a binding offer for CITI Bank’s retail portfolio in Egypt following a due diligence process.
Earlier last month, CIB- Egypt said CITI Bank had opened its books for a due diligence process, which could lead to the acquisition of CITI’S retail portfolio.
CIB is the Egyptian Exchange’s (EGX) bellwether, acquiring more than 36 percent of the benchmark index’s EGX30 weight.
“There can be no assurance that should the management choose to submit an offer, the said submission would result in any specific transaction, and it is possible that no transaction will occur,” the CIB said in a statement to the EGX.
Further, the CIB affirmed that it would disclose any new progress in this process to the market, without giving details on the offer time or value.
In 2014, the 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.