Cairo – Mubasher: Al Ahly Capital, the investment arm of National Bank of Egypt said Monday it decided to drop its bid to buy CIB’s subsidiary CI Capital, given the unfavorable conditions for submitting a nin-binding buy offer for 100% in the company.
NBE’s unit submitted on Sunday a buy offer for 100% of CI Capital, in preparation of starting due diligence. It requested a 45-day period to complete the due diligence, but CIB agreed on 14-day period only.
