Egypt's CIB completes $40 mln sale of investment banking unit

Egypt's largest listed bank CIB said on Monday it had finalised the sale of a near 75 percent stake in its investment banking arm to a consortium of local and foreign investors in a deal worth EGP 710.2 million ($39.5 million).
Commercial International Bank (CIB) signed an agreement in December to sell the majority of its shares in CI Capital to a group of Egyptian and Gulf investors. It did not give the value of the deal at the time.

CIB said in a statement on Monday that CI Capital's market value totalled about 950 million pounds and that it had completed the transfer of 74.75 percent of the shares, retaining a minority stake of about 25 percent.

Shares in CIB were down 1.14 percent at 11:43 GMT.

Mahmoud Atallah, the chief executive of CI Capital, told Reuters a general assembly would be called in the next two weeks to appoint a new board.