Cairo, September 12, 2022- CIB, Egypt’s leading private-sector bank, has acquired a 15% stake in El Sewedy Engineering Industries (SEI), a subsidiary of Zaki El Sewedy Group. This agreement aims to increase the capital of SEI to finance the company’s future expansions in local and regional markets.

Established in 1938, El Sewedy Industries Group (SEI) is a diversified industrial group that has stemmed from El Sewedy Electric Trading Co. SEI has successfully managed to build a reputable identity in the local market and across the MENA region. It is a market leader that operates across multiple competitive industries, including manufacturing, lighting systems and fixtures, building materials, retail and real estate development, and energy solutions.

This acquisition demonstrates CIB’s role in providing companies with direct investment services to meet customers’ needs, enabling SEI to raise its shares to 68.14% in the Arab Industrial International Trading Co and El Sewedy Lighting to 66.67%. CIB will be able to maximize the bank’s return on equity (ROE) through investing in SEI’s capital.

Commenting on the transaction, Mr. Ashraf Shash, Direct Investment Head at CIB, said, “We are very pleased to be partnering with El-Sewedy Group. This financing underscores CIB’s commitment towards enhancing El Sewedy’s growth strategy in the local market and Africa, maintaining its leadership position within the industrial sector."