Egypt’s CIB bank sells 74.75% stake in CI Capital

Egypt’s largest listed lender, Commercial International Bank (CIB) announced Monday selling a 74.75 percent stake in its investment banking arm CI Capital for 710.15 million Egyptian pounds ($38.8 million).

The stake was sold to a group of non-related local and Gulf investors, the bank added in a bourse statement.

CI Capital is CIB’s investment bank arm, that provides financial advisory services. Its total value equals around 950 million pounds.

The move to sell CI Capital comes in line with the CIB’s strategy “to gradually exit from its subsidiaries and affiliated investments…in order to enable CIB to focus exclusively on its core banking activities,” CIB said in an earlier statement in December.