CIB and Legal and General are jointly disposing their stakes in Commercial International Life Insurance Company “CIL” to AXA for EGP 763 million. CIL is jointly owned by Legal & General with 55%, and CIB with 45% respectively.
With 161,000 employees serving 103 million customers, AXA is considered one of the leading global insurance players with a strong presence in 59 countries and an impressive track record of success in those markets and in partnerships with several banks.
Such a decision comes in line with CIB’s open architectural strategy and in continuation of the Bank’s previously announced plan of gradually offloading all of its non-core banking activities.
CIL was originally established in 1998. Leveraging on the combined strength of its two respected shareholders, UK’s Legal and General and Egypt’s Commercial International Bank, CIL has risen to become one of the main players in the Egyptian life insurance industry.
Stemming from our conviction that our customers are our top priority, CIB will enter into a partnership with AXA whereby AXA will benefit from a 10-year exclusive distribution agreement with CIB in Egypt. The said alliance further cements CIB’s commitment to its clients to continue to offer them excellent value-for-money insurance products.
Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to take place by the end of 2015.
Worthy to note that CI Capital has acted as the exclusive sell side financial advisor to Legal and General and CIB.