Egypt’s NIB bank appoints CI Capital to advise on restructuring

Egypt’s state-owned National Investment Bank has appointed leading local investment bank CI Capital to advise it on its proposed capital restructuring, a government source with knowledge told Amwal Al Ghad on Monday.

Earlier, Egyptian Minister of Planning Ashraf El-Araby announced that the government would complete penning a restructuring plan to the National Investment Bank next June, adding that it will include amending the statute of the bank and its law, which has not been reviewed since 1980.