Egyptian lender CIB to buy Citi’s Egypt retail business

Commercial International Bank (CIB) has agreed to buy Citigroup's consumer banking business in Egypt, the North African country's largest listed lender said on Tuesday.
The deal was subject to regulatory approval, CIB said in a statement.
In a separate statement, Citigroup said the deal was targeted to close in 2015. Around 900 staff, eight branches and Citi's ATM network will transfer to CIB as part of the deal, it said.
Neither statement gave a value for the transaction.
The US bank said last October that it was pulling out of consumer banking in 11 markets, including Egypt and Japan, to trim costs and focus on core business operations.
The sale of the Egypt consumer business had attracted considerable interest from lenders across the Middle East interested in building exposure to Egypt's recovering economy.
But CIB emerged as one of the front runners and in April said its management had decided to submit an offer for the business.
CIB said the deal would enable it to capture an incremental 18 percent retail asset book and a large customer base, making it the market leader in the credit cards business in Egypt. The bank was also attracted by Citi's large wealth management business, also included as part of the deal.
Citi's net investment in Egypt was around $250 million as of mid-2013, according to a US Securities and Exchange Commission filing.
Citi, which has had a presence in Egypt since 1975, would continue to invest in its institutional clients business, Nadir Shaikh, Citi country officer for Egypt, was quoted as saying in the bank's statement.

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