Egypt's largest listed lender CIB sold a near-72 percent stake in its investment banking arm CI Capital to Egyptian and Gulf investors on Thursday, as part of a move to shed subsidiaries and focus on core actives. "It is noteworthy that CIB plans on maintaining a minority stake in CI Capital Holding and will continue to provide its support to the company during the foreseeable future," CIB said. CIB had been seeking buyers for its investment unit since a planned sale to Beltone Financial, agreed in February, failed to win regulatory approval. Beltone Financial is owned by billionaire Naguib Sawiris' Orascom Telecom Media and Technology Holding, which is embroiled in a standoff with the Egyptian Financial Supervisory Authority over its shareholding structure. Sawiris had planned to merge CI Capital with Beltone Financial to create one of Egypt's largest investment firms.

Source: Egypt Independent December 03, 2016 07:33 UTC