Egypt's CIB awaits approval for stake purchase in Fleming CIIC
Egypt's Commercial International Bank (CIB) is waiting for the approval of the capital market authority to purchase a stake in Cairo-based Fleming CIIC, reported CASE.
Fleming CIIC is a new joint venture between Flemings and Commercial International Investment Company (CIIC) and is involved in the fund management business. CIB currently owns 30 percent of the company's capital.
CIB is the largest private sector bank in Egypt, providing services to multinationals along with private sector industrial companies. CIB is the fifth largest bank in Egypt with total asset of $3.9 billion and third in terms of capital with net worth of $309 million. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
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