Banque Misr – the second largest
bank in Egypt – has completed the acquisition of 9% of the shares of CI Capital
Holding for Investments (Reuter’s Code – CICH.CA), thus increasing Banque’s
Misr total stake in the company’s capital to 24.70%.
CI Capital Holding for
Investments is considered a pioneer in non-banking financial services, providing
a suite of financial non-banking solutions that fulfil the needs of a large
segment of customers. Through this acquisition, Banque Misr has now become the
company’s largest shareholder.
Commenting on the deal, Mr.
Mohamed El-Etreby – Banque Misr’s Chairman of the Board stated, “We are pleased
with this strategic contribution in the capital of CI Capital Holding for
Investments, due to its pioneering status amongst investment banks, securities
brokerages, research firms, asset management, custodianship, financial leasing
and micro financing. This is yet another step in our strategy towards
developing our non-banking financial services business, thus enabling us to
accommodate the financing needs of our customers. We are fully confident that
our partnership with CI Capital Holding for Investments and its management will
support future growth and maximize value for all parties involved.”
On his part, Mr. Akef El Maghraby
– Banque Misr’s Vice Chairman of the Board – stated, “In our capacity as one of
the largest investors in the country – at more than EGP 60 billion in managed
assets through direct investments and financial portfolios – we foresee a favorable
opportunity for collaboration with CI Capital Holding for Investments.
Moreover, the size of Banque Misr and its geographical outreach will strongly
drive the Company’s expansion into non-banking financial activities such as
micro finance, financial leasing, consumption leasing and real estate mortgage
Commenting, Mr. Mahmoud Atallah –
CI Capital’s Chairman of the Board and Group Managing Director – stated, “The
presence of Banque Misr as a key shareholder in CI Capital certainly
constitutes a valuable addition to the Company, since the potential benefits to
be reaped will contribute to accelerating the already swift rate of the Group’s
development, while creating more potential opportunities.”
Mr. Hazem Badran and Mr. Tarek
Tantawi – CEOs of CI Capital – stated, “We are pleased with Banque Misr’s
participation as a key Group shareholder, owing to its distinguished status in
Egypt and regional markets, as well as its robust financial solvency, which is
bound to drive the Group’s development in all sectors. We look forward to
future collaboration with the Bank’s Management in various domains.”
Worth noting is that Zulficar and
Partners assumed the role of financial advisor for the acquisition.