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Wednesday, 13 November 2019

CIB to submit offer for Citigroup's Egyptian retail portfolio

Reuters , Monday 20 Apr 2015
Egypt's Commercial International Bank (Photo: Al-Ahram)
Views: 1203
Views: 1203

Egypt's Commercial International Bank (CIB) said on Monday its management had decided to submit a binding offer to acquire Citigroup's retail portfolio in Egypt.

It did not provide any details about the value or timing of the offer and said it was not certain that it would result in a transaction. CIB said last month that Citigroup had opened its books for a due diligence process.

Citigroup said last year it was pulling out of consumer banking in 11 markets, including Japan and Egypt, as the U.S. bank with the biggest international business looks to cut its persistently high costs.

The third-largest U.S. bank, built with a series of acquisitions spanning back to the 1980s, has been trying to slim down since the financial crisis to be as profitable as its rivals. 

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