Printer Friendly

Actis sells portion of holding in Commercial International Bank- Egypt.

BANKING AND CREDIT NEWS-April 1, 2014-Actis sells portion of holding in Commercial International Bank- Egypt

(C)2014 M2 COMMUNICATIONS http://www.m2.com

Commercial International Bank-Egypt- S.A.E (CIB) on Monday announced that emerging market private equity specialist Actis has sold a portion of the holding in CIB-Egypt, representing 2.6% of CIB's total outstanding shares, in the open market to a group of international investors.

In July 2009 Actis acquired 9.1% of Egypt-based CIB, which made it the largest single shareholder in the financial services provider. Since 2009 Actis has helped the bank to accelerate its growth in consumer banking, the bank commented.

This transaction is a partial realisation and after it is completed Actis will retain a 6.5% stake in the bank along with a seat on the board.

Financial details of the transaction were not disclosed.

((Comments on this story may be sent to info@m2.com))

COPYRIGHT 2014 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2014 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 Banking & Credit News (BCN)
Date:Apr 1, 2014
Words:153
Previous Article:Bank of England and People's Bank of China sign Memorandum of Understanding on Renminbi clearing and settlement in London.
Next Article:Morin named business development SVP at Ex-Im Bank.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters