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30 Jun 2008 07:00
Cairo, June 29th, 2008
Commercial International Bank-Egypt S.A.E. (CIB) and an investor group led by Eng. Naguib Sawiris (the Investors Group) announced today that they have signed an agreement, entailing CIB to acquire the remaining 50% (approximately) of the outstanding shares of CI Capital Holding (CI-CH). The parties are currently seeking the necessary regulatory approvals. By closing this transaction CI-CH will be wholly owned by CIB. It is worth-mentioning that CI-CH is CIB's full fledged investment bank arm, thus forming the largest financial services group in Egypt. This transaction is part of a long-term strategic alliance between CIB and Sawiris Group.
Mr. Sawiris used the proceeds from the sale of CI-CH shares owned by entities under his control to purchase CIB shares. This investment reflects Mr. Sawiris' confidence in CIB's management and intellectual capital, and his belief in CIB's prospects and strategic direction. Mr. Sawiris will continue as a member of the CI-CH board of directors.
We believe that both CIB and CI-CH are ideally positioned to compete and continue to grow in the local and regional financial markets in which they operate. Bringing CI-CH under CIB's sole control will allow CI-CH to more readily achieve these goals.
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