Citi finalises Egypt retail business deal with CIB late October

Citigroup announced Saturday it will transfer all its consumer banking business transactions in Egypt to the Commercial International Bank (CIB) by the end of October 2015.

In June, CIB, Egypt’s largest listed lender, has agreed to buy Citigroup’s consumer banking business in Egypt, as part of the U.S. bank’s plan to pull out of consumer banking in 11 markets, including Egypt and Japan, to cut costs.

Citi aims to focus on its institutional banking businesses in Egypt, where the bank will use its global network to serve institutional clients.

The completion of Citi-CIB deal will include the transfer of around 900 staff, eight branches, and that the ATM network of Citibank Egypt to the CIB by the end of October 2015.