CIB concludes sale transaction of its stake in CIL

RNS Number : 4304H

Commercial Intnl Bank (Egypt) SAE

01 December 2015

 

Press Release

Cairo, November 30^th, 2015 - Further to the press release dated July 12^th, 2015, CIB would like to announce that it has concluded the sale transaction of  its 45% stake in Commercial International Life Insurance Company "CIL" along with Legal and General's 55% stake, to AXA.

Worthy to highlight that CIB will offer exclusive distribution services to AXA through a 10-year partnership agreement. This alliance is derived from CIB's commitment towards its clients to continue offering them excellent value-for-money insurance products.

AXA, which is one of the leading global insurance players, comes in with wealth of expertise in the insurance field and a notable track record of success.

Worthy to note that CI Capital has acted as the exclusive sell side financial advisor to Legal and General and CIB.

 

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