Actis Reduces Its Stake in Egypt-based Commercial International Bank (MENA)

Source: Commercial International Bank, Reuters  |  Author(s): Ehab Farouk, Shadia Nasralla

Pan-emerging markets private equity firm Actis has sold a 2.6 percent equity stake in Egypt-based Commercial International Bank (CIB) on the open market to a group of international investors for a reported EGP816 million (approximately US$117 million). Actis, which will retain a 6.5 percent stake in CIB, became the largest single shareholder in the company when it acquired a 9.1 percent equity stake in July 2009. CIB offers a broad range of financial products and services, operating 155 branches and more than 500 ATMs across Egypt.