CI Capital acquisition nearing the end, EFSA to finish review “soon”

CI Capital sale to wrap soon? The Egyptian Financial Supervisory Authority (EFSA) should finish going over the details of CIB’s sale of 70-80% of its investment banking arm CI Capital “soon,” sources close to the matter tell Al Borsa, which puts the total transaction value at c. EGP 950 mn. CI Capital might be looking at an IPO toward the end of 2017 as part of CIB’s agreement with the acquiring consortium, which is reportedly made up of Zahran Group, Arafa Group’s Alaa Arafa, Compass Capital’s Abbas and financial services veteran Shamel Aboulfadl, and Salam International Hospital’s Fahad Khater, among others. A number of these backers have reportedly received their security clearance, while other regional investors are still waiting. Zaki Hashem & Partners are advising CIB on the transaction.