Egypt's CBE approves CIB's acquiring of Citibank

Commercial International Bank (CIB) announced on Tuesday that the Central Bank of Egypt has approved its acquiring of Citibank Egypt's retail portfolio and credit card businesses.

CIB is Egypt's largest private-sector bank.

"The executive procedures necessary to complete the integration are under way," said the statement on CIB's website.

CIB had signed the deal with Citibank in June.

Citibank's retail portfolio and credit card businesses in Egypt include bank branches and its ATM network, according to a Citibank statement in June.

"In line with Citibank’s global strategy of focusing its resources in competitive areas, Citibank will continue to grow its banking business in Egypt. Citibank will serve corporate clients, including subsidiaries of global corporations, leading Egyptian corporations and banks, as well as public sector and global investor clients, and does not intend to exit the country," the statement added.