8 Feb 2006 11:16
Commercial Intnl Bank (Egypt) SAE08 February 2006 February 8,2006 Investor Group Led by Ripplewood Holdings and Eton Park Acquires 18.7% Equity Stake in Commercial International Bank of Egypt A consortium of investors today announced that it has acquired an 18.7% equitystake in Commercial International Bank of Egypt ("CIB"), the largest privatesector commercial bank in Egypt. The group includes Ripplewood Holdings, EtonPark and RHJ International, as well as other investors ("Investor Group") andprominent international business executives. The 18.7% stake in CIB represents an investment of approximately $230m -equivalent to a stock price of LE 53.50 per share - for the consortium. Thetransaction takes place after a detailed regulatory process by the Egyptianauthorities and after several months of study of both CIB and the Egyptianeconomy by Ripplewood and its co-investors. The investment is being made as part of a strategy to support CIB as it growsboth organically and through acquisitions. CIB is the most profitable bank in Egypt, achieving net income of LE 610 millionin its last fiscal year. CIB's market value is approximately LE 8 billion withassets of LE 30 billion. It has Egypt's largest private sector retail bankingnetwork with 100 branches and banking units and more than 287 ATMs. CIB Investor Relations This information is provided by RNS The company news service from the London Stock Exchange