{"id":560929,"date":"2021-03-18T04:20:35","date_gmt":"2021-03-18T04:20:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/18\/misr-capital-wont-merge-with-ci-capital-for-now\/"},"modified":"2021-03-18T04:20:35","modified_gmt":"2021-03-18T04:20:35","slug":"misr-capital-wont-merge-with-ci-capital-for-now","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/18\/misr-capital-wont-merge-with-ci-capital-for-now\/","title":{"rendered":"Misr Capital won\u2019t merge with CI Capital (for now)"},"content":{"rendered":"

<\/a> Banque Misr is likely keeping its investment arm, Misr Capital, separate <\/strong>from CI Capital, in which it <\/strong>now holds a 90% stake<\/a><\/strong>, Deputy Chairman Akef El Maghraby told Al Arabiya<\/a> yesterday. The state-owned lender could \u201cintegrate\u201d the activities of the two investment arms and will likely combine some operations, including their asset management operations, with an eye to diversify Banque Misr\u2019s non-banking financial products and underpin its growth in the sector, Maghraby said. Misr Capital has some EGP 27 bn in assets under management, while CI\u2019s AUM currently stands at EGP 8 bn, according to Maghraby.<\/p>\n

Watch this space: <\/strong>Misr Capital has been active and aggressive in going after new business since it brought on an experienced management team at the end of 2018. Khalil Bawab<\/strong> moved over after a 10-year run with EFG Hermes to become Misr Capital\u2019s CEO and MD, while Omar Radwan<\/strong> joined as chief operating officer after a long run at HC Securities. The firm has since been busy planting its flags in the asset management and securitization segments, among others, and is pressing into investment banking. Misr Capital today offers asset management, fixed-income brokerage, private equity and investment banking services and manages a portfolio of largely state-owned assets.<\/p>\n

The final steps of the acquisition:<\/strong> Three of CI Capital\u2019s biggest stakeholders \u2014 CIB<\/a>, Ismail Ali<\/a>Al Tourki<\/a> and the Mahmoud El Gammal Charity Foundation<\/a> (pdfs) \u2014 transferred their combined 24.8% stake in CI Capital to Banque Misr, rounding out the EGP 3.06 bn transaction.<\/p>\n

SEPARATELY-<\/strong> Banque Misr could contribute EGP 25 bn to the Central Bank of Egypt\u2019s <\/strong>new mortgage finance initiative<\/a><\/strong>, which will provide EGP 100 bn-worth of subsidized mortgages to low- and middle-income earners, El Maghraby said. The new initiative will allow would-be homeowners to tap mortgage finance at a subsidized rate of 3% and will offer a 30-year repayment period. The CBE has yet to announce which banks will dole out the funding. Subsidized mortgages, which will be offered on houses valued at up to EGP 350k, will cost the state treasury a total of EGP 120 bn, provided interest rates remain unchanged, Deputy Governor Gamal Negm told Ala Mas\u2019ouleety\u2019s Ahmed Moussa last night (watch, runtime: 25:50<\/a>). Middle-income borrows \u2014 classified as individuals earning up to EGP 10k per month or families with a collective monthly income of up to EGP 14k \u2014 will repay the mortgages in monthly installments of up to EGP 1.7k.<\/p>\n","protected":false},"excerpt":{"rendered":"

Banque Misr is likely keeping its investment arm, Misr Capital, separate from CI Capital, in which it now holds a 90% stake, Deputy Chairman Akef El Maghraby told Al Arabiya yesterday. The state-owned lender could \u201cintegrate\u201d the activities of the two investment arms and will likely combine some operations, including their asset management operations, with […]<\/p>\n","protected":false},"author":1,"featured_media":560930,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[576,136,72,2275,7128,86],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-560929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-banque-misr","tag-ci-capital","tag-enterpriseam","tag-gamal-negm","tag-ma-watch","tag-misr-capital","wpautop","entry"],"acf":{"mongo_id":"2ff78930-9fc6-4141-b0d9-9b0db40e5ed4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/236.jpg","photo_position":"above","related_issue":[560925],"teaser":"","voice_url":""},"yoast_head":"\nMisr Capital won\u2019t merge with CI Capital (for now) - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/18\/misr-capital-wont-merge-with-ci-capital-for-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Misr Capital won\u2019t merge with CI Capital (for now)\" \/>\n<meta property=\"og:description\" content=\"Banque Misr is likely keeping its investment arm, Misr Capital, separate from CI Capital, in which it now holds a 90% stake, Deputy Chairman Akef El Maghraby told Al Arabiya yesterday. 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Banque Misr could soon be following the likes of CIB and the Finance Ministry by issuing its very own green bonds to investors, according to Al Mal. The state-owned bank is exploring the possibility of selling the climate-focused securities, Vice Chairman Akef\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/160.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565204,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/25\/edge-holding-eyes-ipo-in-2022\/","url_meta":{"origin":560929,"position":1},"title":"Edge Holding eyes IPO in 2022","author":"enterpriseam admin","date":"25 March 2021","format":false,"excerpt":"Edge Holding eyes IPO in 2022: Edge Holding Urban Development is looking to list on the EGX in 2022, Chairman Hazem Sherif reportedly told localpress today. This comes as Edge Holding plans to increase its investments in the New Administrative Capital from EGP 9 bn to EGP 25 bn in\u2026","rel":"","context":"In "SPEED ROUND: IPO WATCH"","block_context":{"text":"SPEED ROUND: IPO WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557311,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/14\/banque-misr-gets-gold-bug\/","url_meta":{"origin":560929,"position":2},"title":"Banque Misr gets gold bug","author":"enterpriseam admin","date":"14 September 2021","format":false,"excerpt":"Banque Misr is aiming to launch what it is positioning as the country\u2019s first gold investment fund, Akef El Maghraby, the bank\u2019s vice chairman, told Al Shorouk. The fund aims to meet the needs of investors who wish to invest in gold but lack the necessary experience, according to El\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/188.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555979,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/05\/banque-misr-considers-launching-low-carbon-etf-tracker-fund\/","url_meta":{"origin":560929,"position":3},"title":"Banque Misr considers launching low-carbon ETF tracker fund","author":"enterpriseam admin","date":"5 October 2021","format":false,"excerpt":"A low-carbon ETF tracker fund could be coming to the EGX: Banque Misr is considering launching an EGX-listed tracker fund allowing traders to invest in companies included in Refinitiv and the Arab Federation of Exchanges\u2019 (AFE) MENA low-carbon index, Vice Chairman Akef El Maghraby told Al Borsa. Both Banque Misr\u2026","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/63.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573755,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/17\/banque-misr-ci-capital-could-integrate-their-financial-services-operations\/","url_meta":{"origin":560929,"position":4},"title":"Banque Misr, CI Capital could integrate their financial services operations","author":"enterpriseam admin","date":"17 August 2020","format":false,"excerpt":"M&A WATCH- Banque Misr, CI Capital could integrate their financial services operations: Banque Misr and CI Capital could potentially merge or otherwise integrate the two entities\u2019 brokerage, financial services, asset management, and non-banking financial services arms, Al Mal reports, citing unnamed sources. The move to streamline operations comes after Banque\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/8\/127.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565065,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/banque-misr-officially-holds-90-of-ci-capital\/","url_meta":{"origin":560929,"position":5},"title":"Banque Misr officially holds 90% of CI Capital","author":"enterpriseam admin","date":"16 March 2021","format":false,"excerpt":"Banque Misr\u2019s EGP 3.06 bn acquisition of 65% of CI Capital went through today, after completing a mandatory tender offer that saw the sale of 652.8 mn shares at EGP 4.7 per share, the EGX announced in a bulletin today. The MTO was reportedly 1.1x oversubscribed when it closedlast Thursday,\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/484.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=560929"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/560929\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/560925"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/560930"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=560929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=560929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=560929"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=560929"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=560929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}