LONDON (Alliance News) - Egypt's Commercial International Bank and London-listed Legal & General Group PLC are selling their stakes in Commercial International Life Insurance Company to French insurance and asset management company AXA Group.
In a statement dated Sunday, CIB and Legal & General said their stakes in CIL, which was originally established in 1998 and operates in the Egyptian life insurance industry, will be sold for EGP763 million.
Legal & General owns 55% of CIL, with CIB owning the remainder.
CIB said the move is part of its decision to gradually offload all of its non-core banking activities. The deal is expected to complete by the end of 2015.
CI Capital was the sell-side financial advisor to Legal & General and CIB on the deal.
A partnership between CIB and AXA has been agreed, which will involve a 10-year exclusive distribution deal between the two companies. According to AXA, the distribution agreement will be focused on unit-linked, as well as protection and health, insurance.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Legal & General (LGEN)
