CIB receives a binding offer from OTMT for CICH

RNS Number : 0047P

Commercial Intnl Bank (Egypt) SAE

14 February 2016

 

RELEASE

Cairo - February 14^th 2016 - Commercial International Bank (Egypt) would like to announce that it has received a binding offer from Orascom Telecom and Media Technology ("OTMT") Holding to acquire 100% of CI Capital Holding ("CI Capital"), CIB's wholly owned investment banking arm, amounting to EGP 924 million.

CIB has accepted the offer subject to reaching an agreement on the final terms and conditions, and will move forward with the necessary process to complete said transaction.

CIB will inform the market with any material event resulting from the process.

END OF RELEASE

 

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