CIB Board asks Management to make offer for Citigroup’s Egypt Ops

The board of Egypt’s Commercial International Bank (CIB) said Sunday it has asked its management to determine whether to submit a binding offer for Citigroup’s retail portfolio in Egypt after a due diligence process.

Citigroup said last year it was pulling out of consumer banking in 11 markets, including Japan and Egypt, as the U.S. bank with the biggest international business looks to cut its persistently high costs.

The third-largest U.S. bank, built with a series of acquisitions spanning back to the 1980s, has been trying to slim down since the financial crisis to be as profitable as its rivals.

“There can be no assurance that should the management choose to submit an offer, the said submission would result in any specific transaction, and it is possible that no transaction will occur,” said CIB in a statement.

The statement did not provide any further details about the value or timing of a potential offer. CIB said last month that Citigroup had opened its books for a due diligence process.

Source: Reuters