CIB com­pletes CIL sale to AXA, re­ceives of­fer from OTMT for its in­vest­ment bank Com­mer­cial

Business monthly (Egypt) - - MARKET WATCH -

In­ter­na­tional Bank an­nounced that it has com­plet- ed the sale of a 45-per­cent stake in Com­mer­cial In­ter­na­tional Life In­sur­ance (CIL) to AXA, which will ben­e­fit from a 10-year ex­clu­sive life and sav­ings dis­tri­bu­tion agree­ment with CIB in Egypt. Ear­lier, CIB an­nounced that AXA will ac­quire 100 per- cent of CIL for a cash con­sid­er­a­tion of LE 763 mil­lion, in­clud- ing the re­main­ing 55-per­cent stake owned by Le­gal & Gen­eral. Mean­while, CIB re­vealed that it has re­ceived a non-bind­ing of­fer from Oras­com Tele­com & Me­dia Tech­nol­ogy Hold­ing to ac­quire 100 per­cent of CI Cap­i­tal Hold­ing, the bank’s wholly owned in­vest­ment bank­ing arm, in the range of LE 1 bil­lion.

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