CIB is in advanced talks with a group of domestic and Gulf Cooperation Council investors to sell 70-80% of its stake in investment banking arm CI Capital, the bank announced in a statement. CIB said it would continue to hold whatever shares in Egypt’s second-largest investment bank it does not offload; Al Borsa reports that current CI Capital management is expected to stay on board. No individual backer of the transaction is expected to take a stake of more than 10% in CI, which the acquiring parties apparently may consider listing on the EGX in 2017, according to reports in the domestic press.

Naguib Sawiris is not among the dozen or more investors reportedly backing the transaction. Sawiris had tried to acquire CI Capital from CIB in a nearly EGP 1 bn buyout earlier this year, but failed to obtain regulatory approval from the Egyptian Financial Supervisory Authority. Among those the domestic press says this morning are backing the latest bid for CI: Arafa Group’s Alaa Arafa, prominent businessman (and Gamal Mubarak’s father-in-law) Mahmoud El Gammal, Tiba Science Academy’s Saddiq Afifi (all cited in this piece), Al Salam Hospital’s Fahd Khater, Compass Capital’s Ayman Abbas and Shamel Aboul Fadl, as well as the Zahran Group. The transaction could close as early as today, media reports suggest. CIB is reportedly being advised by Zaki Hashem & Partners, while the buyers are being counseled by Al-Tamimi & Company.