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Monday, 17 October 2016

Egypt appoints Citigroup as financial advisor on potential sale of stake in AAIB

Citi gets AAIB mandate –Bloomberg. Egypt has reportedly appointed Citigroup as financial advisor on the potential sale of the state’s stake in the Arab African International Bank (AAIB), unnamed sources told Bloomberg. Citigroup is studying the asset’s potential value and how to conduct the sale, the sources added. The Central Bank of Egypt has yet to decide how much of AAIB it plans to sell — and whether to do so via IPO or sale to a strategic investors. An AAIB official told Al Borsa yesterday that an IPO won’t take place before 1Q17. The move comes as part of a strategy to offload stakes in key state-owned firms and banks. CBE Governor Tarek Amer had previously stated the CBE and sovereign wealth fund Kuwait Investment Authority were looking to each offer up to 20% of AAIB by the end of the year. The CBE and the Kuwait Investment Authority each hold a 49.37% stake in AAIB.

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