CIB approves Egyptian billionaire Sawiris’s bid to buy CI Capital

Egypt’s largest listed lender Commercial International Bank accepted an offer by Orascom Telecom, owned by Egyptian billionaire Naguib Sawiris, to buy the bank’s investment arm CI Capital for 924 million Egyptian pounds ($118.01 million).

On Dec. 17 Sawiris had made an initial offer to buy CI Capital. His company Orascom Telecom has completed the due diligence process.

This will be the second acquisition by the Egyptian billionaire of a large financial institution after he bought Beltone Financial for 650 million pounds.

Sawiris is one of the country’s most prominent businessmen and the founder of the Free Egyptians political party, which is represented in the parliament with 65 seats out of a total of 596 seats.

Source: Aswat Masriya