Citigroup Agrees to Sell Egypt Retail Businesses to CIB
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Commercial International Bank Egypt SAE has agreed to buy Citibank Egypt’s retail unit as the U.S. bank withdraws from less profitable emerging-market businesses.
About 900 full-time consumer banking and contract employees, eight Citi branches and the ATM network in Egypt will transfer to CIB, Citigroup Inc. said in an e-mailed statement on Tuesday. CIB will pay in cash and expects central bank approval in three to four weeks, Chairman and Managing Director Hisham Ezz Al Arab said in a phone interview today. He declined to comment further on terms.