CIB seizes lion’s share of credit card portfolio in Egypt

The Commercial International Bank (CIB) seized lion’s share of Credit Card in Egypt’s banking market after acquiring Citibank’s retail portfolio, Mohamed El Toukhy -head of retail and business banking- said Monday.

CIB’s credit card portfolio is estimated at 2 billion Egyptian pounds (US$255.4 million)

Speaking to Amwal Al Ghad, El Toukhy stated that individual finance portfolio jumped to 14 billion pounds (US$1.8 billion) at the end of November 2015 after capturing Citibank’s retail banking and card businesses portfolio.

In June 2015, CIB has signed the final agreement to acquire Citibank Egypt’s retail portfolio.

The value of the deal to acquire  Citibank’s retail banking portfolio  amounts to $140m in assets and $190m in deposits, and nearly 100,000 accounts.