National Bank of Egypt (Photo: Al-Ahram)
National Bank of Egypt's investment banking arm said on Monday it has dropped its bid to buy CI Capital, the investment arm of Commercial International Bank (CIB) after failing to agree on a timeframe to complete feasibility studies.
"Al Ahly Capital (AHC) has decided not to resume procedures for its acquisition bid and hopes that CIB achieves its goals in the interests of its stakeholders," it said in a statement
CIB said in a statement on its website on Monday that AHC has submitted a non-biding offer to acquire 100 percent of it's subsidiary, on February 7, including a 45 days due diligence period which was not in line with the transaction timeline that has been previously discussed.
*CIB statement added by Ahram Online