Commercial International Bank (Egypt) has reached a final agreement to sell its investment banking arm CI Capital to an Orascom Telecom unit, Orascom Telecom and Media Technology (OTMT) for EGP924m ($118m).

OTMT has nominated its subsidiary Beltone Financial to act as the purchasing entity in the sale of 100% of CI Capital.

"CIB and Beltone Financial have signed a share purchase agreement (SPA)," CIB said in a statement.

The transaction is slated to complete before the end of the first quarter of 2016 following the receipt of all necessary approvals.

Following the deal, OTMT is planning to merge CI Capital with Beltone Financial.