Egypt’s third-biggest asset manager is sold

SOLDCommercial International Bank (CIB), Egypt’s largest private-sector bank, will sell 72% of its stake in CI Capital, its investment banking and asset management arm.

The firm confirmed that investors from Egypt and the Gulf would buy the stake for 683 million Egyptian pounds ($38 million), subject to regulatory approval.

“This comes in line with the bank’s strategy to gradually exit from its subsidiaries and affiliated investments,” said the bank in a statement.

Employing 24 people, CI Capital’s asset management division has 9 billion Egyptian pounds ($505 million) under management, making it the third-largest asset manager in the country, according to the company’s website.

The firm operates money market, fixed income and equity funds, including sharia-compliant products.

In a statement, CIB said the sale, which was structured as a book-building process targeting prominent investors, was a precursor to a potential public offering for CI Capital in the near future.

©2016 funds global mena

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