CIB to buy Citigroup’s Egypt retail-banking business

Egypt’s Commercial International Bank SAE (COMI) said Tuesday it agreed to buy  Citigroup Inc.’s retail business in the North African country.

Citi, which has moved to streamline its international operations and boost profits, had put the Egyptian unit up for sale. For CIB, the deal will boost its presence with consumers and credit-card customers.

“Among the main attractions of the deal was the high quality portfolio and excellent skill set of the staff,” CIB’s chairman,  Hisham Ezz Al-Arab, said in a statement. Source: Arab Finance