Egypt’s Commercial International Bank (CIB) has received the go-ahead from the Central Bank of Egypt to acquire Citigroup’s retail portfolio and cards businesses in Egypt.
Citibank Egypt operates with 9 branches- 8 in Cairo and one in Alexandria- catering to 100,000 retail customers.
The purchase includes about $140m of Citibank’s Egypt assets, $190m worth of deposits and nearly 100,000 accounts.
At the time of announcing the deal in June 2015, CIB said that the acquisition will add 80,000 credit card holders to its portfolio, and expand the bank’s consumer lending operations by 10%.
In October 2014, Citigroup unveiled plans to exit consumer banking operations in 11 markets, including Egypt, in a bid to cut costs.