Cairo - Mubasher: Orascom Telecom Media and Technology Holding (OTMT) said Beltone Financial, a subsidiary, seeks to finalise the agreement to fully acquire CIB’s investment banking unit CI Capital before the end of the first quarter of 2016, after obtaining all necessary approvals.
OTMT said Monday that Beltone signed a share purchase agreement with CIB to buy 100% of CI Capital.
Naguib Sawiris, Executive Chairman and CEO of OTMT said the acquisition is a great step to emphasize the attractiveness of investment in Egypt, particularly in the financial sector .
This deal marks the first step in forming an Egyptian financial entity with a regional as well as international scope, he added.
