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
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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.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Apr 1, 2014|
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