CIB receives regulatory approval to acquire Citibank’s Egypt businesses

Commercial International Bank (CIB), biggest commercial bank in Egypt,​announced Tuesday that it has received the approval of the Central Bank of Egypt to acquire the retail portfolio and cards businesses of Citibank Egypt, and that it is in the integration process.

Last June, CIB signed an agreement to acquire Citibank Egypt’s offered retail portfolio. Following the signing of the agreement, Hisham  Ezz Al-Arab – CIB’s Chairman and Managing Director – said: “As Citi is a globally renowned institution known for the excellence of its staff, with a culture very similar to that of CIB which fosters performance and attracts the best talent, we anticipate that the integration of Citi’s staff into the CIB family will be seamless and add significant value to our clients and shareholders.”

Citibank Egypt’s website says it has 100,000 retail customers and operates 9 branches, including 8 in Cairo, and one in Alexandria.

Citigroup is streamlining its global retail banking operations to focus on corporate and investment banking and other services.