CIB signs CI Capital share price agreement with Sawiris’s OTMT subsidiary

Egypt’s largest private-sector bank Commercial International Bank (CIB) announced Sunday it had signed a share purchase agreement with Orascom Telecom (OTMT) and its subsidiary Beltone Financial for the purchase of CIB subsidiary CI Capital.

“CIB and Beltone Financial have signed a Share Purchase Agreement (SPA) today, and will move forward to complete said transaction, with the aim of finalising it before the end of the first quarter of 2016,” CIB said in a statement on its website.

OTMT had nominated its subsidiary Beltone Financial to act as the purchasing entity in the sale of 100 percent of CI Capital.