Egypt’s CIB confirms $128 mln Orascom Telecom bid for investment arm
Commercial International Bank (CIB) logo

CAIRO: Commercial International Bank (CIB), Egypt’s largest listed company, said on Thursday it had received a 1 billion Egyptian pound ($127.71 million) offer from Orascom Telecom to buy 100 percent of its investment banking subsidiary CI Capital.

CIB said in a statement on the stock exchange website that its board would discuss the offer from Orascom Telecom and Technology at a meeting on Thursday.

($1 = 7.8300 Egyptian pounds)

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