Cairo - Mubasher: Commercial International Bank (CIB) - Egypt said Monday that it has approved a binding offer from Orascom Telecom Media and Technology (OTMT) Holding to acquire 100% of CI Capital Holding (CI Capital), CIB's wholly owned investment banking arm, in a deal valued at EGP 924 million.
CIB’s approval is subject to reaching an agreement on the final terms and conditions, the bank said, adding that it will move forward with the necessary process to complete the transaction.
CIB noted that it would inform the market of any material updates as regards the process.
