CAIRO: Egypt’s Commercial International Bank (CIB) announced Monday it plans to submit an offer to take over CITI Bank’s retail portfolio in Egypt following a due diligence process.
CIB is the Egyptian Exchange’s (EGX) bellwether, acquiring more than 36 percent of the benchmark index’s EGX30 weight.
Earlier this month, the CIB’s board delegated its management to decide on submitting a binding offer for CITI Bank’s retail portfolio in Egypt. The takeover was announced in March after CIB-Egypt said CITI Bank had opened its books for a due diligence process.
“There can be no assurance that submitting the offer will 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 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.