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.
Go deeper with GlobalData
"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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
