(MENAFN- Daily News Egypt) The Commercial International Bank (CIB)-Egypt signed Monday the final agreement to acquire Citibank Egypt's retail portfolio. The executive procedures would start immediately upon completion of the needed agreements of the regulatory authorities.
"The board and I are very happy to conclude this transaction. Among the main attractions of the deal was the high quality portfolio and excellent skill set of the staff," said Hisham Ezz Al-Arab, Chairman and Managing Director of CIB.
Ezz Al-Arab added: "As Citi is a globally renowned institution known for the excellence of its staff, with a culture very similar to that of CIB which fosters performance and attracts the best talent, we anticipate that the integration of Citi's staff into the CIB family will be seamless and add significant value to our clients and shareholders."
Citibank's individual clients amount to 600,000, with a funding portfolio of EGP 1.7bn, mainly concentrated in both products of personal loans and payment cards that amount to about 75,000 cards.
"The deal would take two to three months to be implemented," said Lamis Negm, Vice President of Citibank Egypt in a statement to Daily News Egypt.
Some banks such as CIB, HSBC, Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank and Bank Audi strongly competed to purchase the Citibank's retail portfolio.
The American Citibank announced in October 2010 that it plans to exit from the retail banking activities in 11 markets, one of which is Egypt. The bank clarified that the plan aims at reducing costs, and that it needs to complete the sale in these markets by the end of 2015.
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