Citibank Egypt still studying banks’ offers to buy its consumer business

Citibank Egypt is still studying banks’ offers to buy its consumer business portfolio, the bank’s Vice President Lamise Negm told Daily News Egypt Saturday.

Commenting on media reports saying that Citibank received offers from 9 banks operating on the Egyptian market, Negm said the number is not accurate and that “it is too early to say”.

In October 2014, Citigroup announced it intends to exit its consumer business in Egypt, along with its businesses in 10 other countries, as part of the company’s strategic actions to accelerate the transformation of Global Consumer Banking (GCB).

It said that these steps will focus on the markets that have the “greatest scale and growth potential”.