Cairo - Mubasher: Egypt’s biggest private-sector bank Commercial International Bank (CIB) has given the nod to sell its investment banking arm CI Capital.
Egyptian business tycoon Naguib Sawiris made an initial offer worth EGP 910 million ($116.22 million) but in the final offer he made today the deal was worth a little more than that, one source told Reuters.
“CI Capital is working on four initial public offerings this year in the construction, consumption and tourism sectors. It also plans to open a brokerage firm in the United Arab Emirates in the second quarter of this year, Reuters added.
This is considered the second deal won by Sawiris after the acquisition of Beltone Financial at the value of EGP650 million.
