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Monday, 15 May 2017

CIB agrees to sell 13.7% stake in CI Capital

CIB has agreed to sell a 13.7% stake in CI Capital, CI Capital CEO Mahmoud Attalla said yesterday, according to Reuters. Attalla said agreements were reached to sell 10% to one local investor and 3.7% to another, without naming either of the buyers. CIB had completed the sale of 74.75% of CI Capital’s shares to a consortium of investors in March for EGP 710.16 mn. Attalla said CI Capital aims to increase its assets under management by 25% to EGP 10 bn this year and is planning a capital increase in 1Q2018. “CI Capital also plans to launch a company in the fourth quarter of this year that will focus on funding microfinance projects, Attalla said.” Head of Brokerage Karim Khadr said the investment bank is also in talks with a Saudi partner to execute transactions for foreign clients there directly and expects the agreement to close within a month. A similar agreement in the UAE is also expected to close in 4Q2017, Khadr adds, according to Al Borsa. He notes that CI Capital has applied for licences to allow it to execute trades in Abu Dhabi and Dubai. Attalla added that CI Capital is also looking to expand to South Africa within two years.

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