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- Saudi Awwal Bank launches a world class Innovation Centre to provide financial services
- Indian rupee firms up again - UAE, Saudi Arabia's NRIs delay money transfers
- Dubai's Tecom Group turns in another profit gain in Q1-2025
- BNY gets license for Saudi regional HQ as global banks grow presence
- Closing Bell: Saudi main index closes in red at 11,543
- TotalEnergies, OQEP break ground at Marsa LNG
- Riyadh Air enters key deals covering 125 countries
- 3 contracts signed for $1.6bn Marsa LNG Project in Sohar
- GIS reports net profit of QR222m in Q1, reflecting 38% year-on-year growth
- QAMCO posts record net profit of QR156m
15/02/2016 07:51 AST
Egypt's largest listed lender Commercial International Bank accepted billionaire Naguib Sawiris's bid to buy its investment arm CI Capital, market sources said.
The sources said the deal would solidify Sawiris's nascent financial services company.
"Sawiris made an initial offer worth 910 million Egyptian pounds ($116.22 million) but in the final offer he made today the deal was worth a little more than that," one source told Reuters.
Sawiris-owned Orascom Telecom had made an initial offer for CI Capital in December. The company completed the due diligence process on Thursday.
OTMT plans to merge CI Capital with Beltone Financial, which it bought in November for almost 650 million Egyptian pounds.
The companies had no official comment.
Sawiris is one of the country's most prominent businessmen and the founder of the Free Egyptians political party, which had a strong performance in recent parliamentary elections.
OTMT has holdings in media, technology and cable businesses as well as energy, transport and logistics.
CI Capital is working on four initial public offerings this year in the construction, consumption and tourism sectors. It also plans to open a brokerage firm in the United Arab Emirates in the second quarter of this year.
Trade Arabia
18/05/2015
Emerging and frontier markets investment bank Renaissance Capital (RenCap) believes Egypt's Commercial International Bank (CIB)is at the start of a significant, multi-year earnings growth cycle.
CPI Financial
21/08/2014
Capital Intelligence (CI) has announced that Commercial International Bank (CIB)'s Financial Strength Rating (FSR) is maintained at 'BBB-', notwithstanding ongoing economic pressures and the high sov
CPI Financial
05/02/2011
Capital Intelligence (CI), the international credit rating agency, has today downgraded Commercial International Bank (CIB)'s Long-Term and Short Term Foreign Currency Ratings to 'BB+' and 'B', respe
AME Info
| Ticker | Price | Volume |
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02/05/2025
Saudi Awwal Bank (SAB), one of the leading banks in the Kingdom of Saudi Arabia, announced the inauguration of its Innovation Centre on Thursday, May 1. The facility is designed to inspire and accele
Saudi Gazette
02/05/2025
Dubai's Tecom Group has come up with net profits of Dh360.8 million for the January to March 2025 period, and quite a healthy gain on the Dh292.5 million from the year ago status.
The compan
Gulfnews
02/05/2025
Gulf International Services reported a net profit of QR222m for the three-month period ended 31 March 2025, with an earnings per share of QR 0.119.
The Group reported strong revenue growth f
The Peninsula
02/05/2025
Qatar Aluminum Manufacturing Company (QAMCO), a 50% joint venture partner in Qatar Aluminum Company (Qatalum), reported a net profit of QR156m for the three-month period ended 31 March 2025, with an
The Peninsula
01/05/2025
Beyon announced its financial results for the first quarter of 2025.
Beyon reported net profit attributable to equity holders of BHD 18.1M (US$ 48.0M) for Q1 2025, a 4% decrease from BHD 18
BNA
Financial Information Co.
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