CIB>>News>> CIB announces agreement to acquire Citibank’s Retail Banking and Cards Businesses in Egypt

CIB announces agreement to acquire Citibank’s Retail Banking and Cards Businesses in Egypt

9/6/2015 02:30 PM

CIB is pleased to announce that today it has signed an agreement to acquire Citibank Egypt's offered retail portfolio. The acquisition is subject to pending regulatory approval.

Commenting on the transaction, Mr. Hisham  Ezz Al-Arab, Chairman and Managing Director of CIB, said: "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. 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."

CIB would like to take this opportunity to welcome incoming Citi staff into the CIB family as fellow CIBians.