Com.int.bk.regs Regulatory News (CBKD)

1 Oct 2007 07:02

Commercial Intnl Bank (Egypt) SAE01 October 2007 Cairo, September 30, 2007 - Commercial International Bank (CIB) and Arab AfricanInternational Bank (AAIB) announced today that they have agreed to exchangeconfidential information on an exclusive basis, which could lead to negotiationstoward a possible business combination. To date, the parties have not conductedany due diligence nor have they agreed to any terms regarding a possibletransaction. Any future transaction between the parties would be contingent upon satisfactorycompletion of due diligence, approval by their respective boards of directors,extra ordinary general shareholders meetings and execution of a definitivecombination agreement. In addition, any future contractual agreement would besubject to conditions including the approval by the Central Bank of Egypt andany other regulatory approvals, in accordance with applicable law. There can be no assurance that discussions between CIB and AAIB will result inany specific transaction, and it is possible that no transaction will occur.Moreover, there is no specific timetable for any potential discussions. CIB andAAIB intend to have no further comment until either a definitive agreement isexecuted or negotiations are terminated. This information is provided by RNS The company news service from the London Stock Exchange