CIB to submit offer for Citigroup’s Egyptian retail portfolio

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 US bank with the biggest international business looks to cut its persistently high costs.
The third-largest US 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.

Related Articles

Back to top button