May 14, 2017 / 1:37 PM / in 2 months

UPDATE 2-Egypt's CIB agrees to sell 13.7 pct of CI Capital stake

2 Min Read

(Adds additional CI Capital stake sale)

By Ehab Farouk

CAIRO, May 14 (Reuters) - Egypt's largest listed bank, Commercial International Bank, has agreed to sell a further 13.7 percent stake in its CI Capital investment banking arm in two deals, CI Capital CEO Mahmoud Attalla said on Sunday.

CIB finalised a deal in March to sell about 75 percent of CI Capital to a group of Egyptian and Gulf investors in a deal worth about $40 million.

Attalla said the bank has now reached agreement to sell a further 10 percent stake to a local investor and another 3.7 percent stake to a second investor, without specifying whether the second buyer is foreign or local.

The bank has been seeking buyers for its investment banking business ever since a planned sale to Beltone Financial, agreed in February last year, failed to win regulatory approval.

Attalla said CI Capital aims to increase its assets under management to 10 billion Egyptian pounds ($552 million) this year, from 8 billion pounds currently, and is planning to do a capital increase in the first quarter of next year.

CI Capital also plans to launch a company in the fourth quarter of this year that will focus on funding microfinance projects, Attalla said. ($1 = 18.1200 Egyptian pounds) (Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Catherine Evans/Keith Weir)

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