Egypt’s Citadel Sells Stake in Sudanese Egyptian Bank

Egypt’s Citadel Capital (CCAP.CA) said on Sunday it was selling its majority stake in the Sudanese Egyptian Bank to the Islamic Solidarity bank of Sudan for $22 million.

The move is part of a programme to shed non-core assets and focus on energy, transport, agrifoods, mining and cement, Citadel said. Its stake in the Sudanese Egyptian Bank was 66.1 percent.

Citadel, which has $9.5 billion under management, plans to shed holdings gradually outside those areas over the next few years and convert itself from a private equity firm into a holding company.

Citadel, which has holdings in dozens of companies, mainly in Egypt, east and north Africa, has suffered losses over the past two years partly due to political turmoil in the Arab world.

Source: Reuters