Egypt’s CIB and Beltone drop plans for CI Capital sale -sources
A worker is seen at the headquarters office of Beltone Financial in Cairo, Egypt, October 26, 2015. REUTERS/Amr Abdallah Dalsh

Egypt’s Commercial International Bank (CIB) will no longer sell its investment bank CI Capital to Beltone Financial, sources told Reuters on Thursday.

In February, CIB signed a deal to sell investment bank CI Capital to Beltone, a unit of billionaire Naguib Sawiris’ Orascom Telecom, for 924 million Egyptian pounds ($104 million).

The deal fell through following a failure to receive the necessary regulatory approvals, the sources said.

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