trending Market Intelligence /marketintelligence/en/news-insights/trending/H9dYlnskNE8Icr7Ibbq-eQ2 content esgSubNav
In This List

Report: Beltone Financial gets extension for CI Bank unit offer

Blog

Banking Essentials Newsletter: 17th April Edition

Blog

Banking Essentials Newsletter: 7th February Edition

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations

Podcast

Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)


Report: Beltone Financial gets extension for CI Bank unit offer

CI CapitalHolding Co SAE CEO Mahmoud Atalla said parent company granted Beltone Financial Holdings a two-week extension on thedeadline to put together an offer to acquire CI Capital, Reuters reported April28, the day of the offer's initial deadline.

Commercial International Bank agreed in February tosell CI Capital toEgyptian billionaire Naguib Sawaris' Orascom Telecom and Media TechnologyHolding and subsidiary Beltone Financial for 924 million Egyptian pounds. Anongoing court case had threatened to delay the sale of the Egyptian investment bank, but theEgyptian Court of Cassation stepped in and overturned a ruling obliging Commercial InternationalBank to submit a mandatory tender offer for claimant shares in CI Capital.

As of April 27, US$1 was equivalent to 8.88 Egyptianpounds.