trending Market Intelligence /marketintelligence/en/news-insights/trending/r6oKwmONAaMTVsjQm5SY_w2 content esgSubNav
In This List

Report: Egyptian i-bank sale faces fresh delay

Blog

Banking Essentials Newsletter: July Edition - Part 3

Blog

Banking Essentials Newsletter: July Edition - Part 2

Blog

Anticipate the Unknown Go Beyond Fundamentals to Uncover Early Signs of Private Company Credit Deterioration

Blog

Taking Loss Given Default Estimation to the Next Level: An Aspiration for All Creditors, Not Just Banks


Report: Egyptian i-bank sale faces fresh delay

An ongoing court case is set to further delay the sale of anEgyptian investment bank, according to Reuters.

The head of Egypt's FSA, Sherif Sami, told the newswireApril 13 that the saleof CI Capital Holding CoSAE to Orascom Telecom and Media Technology Holding and subsidiaryBeltone Financial Holding would be postponed pending the settlement of anappeal by several CI Capital shareholders who are refusing to sell theirshares.

CommercialInternational Bank (Egypt) SAE agreed in February to sell CICapital to Egyptian billionaire Naguib Sawaris' Orascom for 924 millionEgyptian pounds, and Sawaris said he would merge CI Capital and Beltone. Thefirms signed a sharepurchase agreement Feb. 28 and had expected to complete the transaction beforethe end of the first quarter.

Sawiris previously said the sale was being delayed bynational security concerns, having earlier seen a last-minute and eventuallyunsuccessful counteroffer from a unit of state-owned , Reutersnoted.

As of April 13, US$1 was equivalent to 8.88 Egyptianpounds.