Commercial International Bank (CIB) announced on 20 August the signing of a binding memorandum of understanding (MoU) with Oasis Capital Egypt, US-based Dynamic Securities Trading and local investor Naguib Sawiris to form a financial services group with its investment arm, Commercial International Capital Holding (CICH).
The transaction will involve the acquisition of Oasis' asset management company, Blue Nile Consulting, and Dynamic by CICH. Oasis and Sawiris will subsequently take a stake in the expanded company, although the size of the investments have not been made public. CIB will retain a majority stake with Oasis and Sawiris as 'significant minority shareholders'.Due diligence is under way and is likely to be completed by mid-September with the restructured company expected to be in full operation by November.In addition to the estimated £E 8,000 million ($1,392 million) of assets it manages, CICH will also manage CIB's investment portfolio, valued at£E 1,000 million ($174 million). CICH's activities include investment banking, brokerage, asset management, research, private equity and alternative investments. CICH achieved a net profit of£E 60 million ($10.5 million), a figure that is expected to increase to about£E 150 million ($26 million) in the year following the restructure. CICH will retain its name for the foreseeable future.
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