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

30 Oct 2006 09:44

Commercial Intnl Bank (Egypt) SAE30 October 2006 "Commercial International Bank (CIB), Mr. Naguib Sawiris, Oasis Capital and Dynamic Securities Form Strategic Alliance to Build the Pre-eminent Investment and Merchant Bank in Egypt and across the Gulf Region Commercial International Bank ("CIB"), Egypt's premier commercial bank, and Mr.Naguib Sawiris, a leading Egyptian entrepreneur and investor, today finalized acomprehensive strategic alliance, together with Oasis Capital Egypt ("Oasis")and Dynamic Securities Trading ("Dynamic"). Under the terms of the agreement,the parties will consolidate 100% of their respective financial services andinvestment businesses into Commercial International Capital Holding ("CI-Capital"), CIB's full service investment and merchant banking subsidiary, thus formingone of the leading financial services and investment groups in Egypt. Inaddition, Mr. Sawiris along with other Oasis investors, including theSaudi-based Olayan and U.A.E.-based Al Futtaim families, will invest new capitalin CI-Capital to help fund its ambitious growth strategy. CIB will retainmajority ownership in CI-Capital. CI-Capital will offer a wide range ofinvestment services including investment banking, retail and institutionalbrokerage, asset management, research, private equity and alternativeinvestments. Through its highly successful strategic investors, including CIB,Mr. Sawiris and the Olayan and Al Futtaim families, CI-Capital will be uniquelypositioned to aggressively expand its business within Egypt and across the GulfRegion, with Oasis further strengthening its private equity and directinvestment capabilities. CI-Capital's objective is to create the pre-eminentinvestment and merchant banking institution in Egypt and across the Gulf Region. As a result of this transaction, CIB's investment in CI-Capital which currentlyrecords LE 33 million, will be significantly enhanced valuing it over LE 600million. Mr. Hisham Ezz Al-Arab, Chairman and Managing Director of CIB, and Ms. SaharSallab, Vice Chairman and Managing Director of CIB and Chairman of CI-Capital,stated jointly, "throughout our discussions with our new partners, it was clearthat we share a common vision and objective for CI-Capital: to build the leadinginvestment and merchant bank in Egypt and throughout the region. CIB valueshighly the stellar reputation and successful track records of its new partnersin this alliance and believes that the contributions and involvement of all thepartners will provide significant momentum toward achieving CI-Capital'sobjectives. Furthermore, this alliance demonstrates CIB's steadfast commitmentto strengthen and expand its investment and merchant banking businesses and findopportune ways to capitalize upon its own strengths to further the goals ofCI-Capital." Mr. Naguib Sawiris, also the Chairman of Oasis, pointed out that this investmentrepresents a strong endorsement of CI-Capital's business model and growthopportunities. He further indicated that CI-Capital should benefit from itsclose working relationship with CIB, one of the leading financial institutionsin the region with a strong corporate client base. CIB's unparalleled reputationin corporate and commercial banking, coupled with Oasis's business developmentcapabilities and private equity expertise, provides CI-Capital with strongsupport to pursue its growth strategy. About CIB CIB is Egypt's leading private sector commercial bank in terms of total assets,loan portfolio and customer deposits. The Bank was incorporated in 1975 as ajoint venture between the National Bank of Egypt and Chase Manhattan Bank With a 5% market share, 118 outlets, and 365 ATMs, CIB is the most profitablebank in Egypt; with the largest private sector strategically located retailbanking network. It also offers a full range of financial services through itsCorporate Banking, Investment Banking, Retail Banking, Direct Equity, Brokerage,Asset Management, Leasing, Insurance business, etc. CIB is the best-rated bank in Egypt, capped only by the Sovereign ceiling forEgypt, set at BB+. The Bank has been awarded as the best bank in Egypt forseveral years in a row by Euromoney, Global Finance, and other internationalfinancial institutions. CIB is also the number one Egyptian private-sector bankin profitability, net worth and loan book. CIB is publicly listed in Egypt, Kuwait, and UAE. Its GDR's have also beenlisted on the London Stock Exchange since 1996. About CI-CH CI-CH is the holding company majority owned by the CIB. Its service offeringincludes a wide range of investment services to local, regional andinternational clients. These include investment banking, brokerage, assetmanagement, research, private equity and alternative investments. Among itsholdings are Commercial International Brokerage Company (CIBC), CommercialInternational Asset Management (CIAM), Commercial International InvestmentBanking (CIIB) and United brokerage Company (UBC) in the UAE. About Oasis Capital Egypt Oasis Capital Egypt is a US$ 150 million private equity fund exclusivelytargeting Egyptian non-listed investments. The fund partners are Naguib Sawiris,Olayan Finance Group and Majed Al-Futtaim Investment Trust. About Dynamic Securities Dynamic was set up in 1995 by the Hassanein family as a securities dealer. Sinceinception, the firm maintained a niche for itself in the retail market. It hasbeen consistently ranked with the top ten dealers on the CASE in terms of marketshare. About Naguib Sawiris Mr. Sawiris is the Chairman of the Board of Directors and Chief ExecutiveOfficer of Orascom Telecom Holding. Mr. Sawiris is also the Chairman of Wind inItaly, the Chairman of the Board of Directors of Egyptian Company for MobileServices (ECMS). Mr. Sawiris also serves as a member of the Board of Directorsof the Egyptian Counsel for Foreign Affairs, the Consumer Rights ProtectionAssociation and the Cancer Society of Egypt. He has been elected to themembership of the New York Stock Exchange (NYSE) International AdvisoryCommittee. Mr. Sawiris received a degree in Mechanical Engineering and aMaster's degree in Technical Administration from the Swiss Institute ofTechnology and a degree from ETH Switzerland. This information is provided by RNS The company news service from the London Stock Exchange