Banque Misr increases stake in CI Capital to enhance provision of non-banking services to clients

EGYPTBanque Misr, one of Egypt’s national commercial banks has increased its ownership stake in CI Capital to 24.70 percent, making the bank the largest shareholder of the company.

CI Capital Holding for Financial Investments (CICH) offers diversified non-banking financial solutions and services to a large base of clients.

Chairman of Banque Misr Mohamed el Etribi in a statement explained that the move was in line with the Bank’s strategy to develop non-banking financial services that enable the bank to meet the financing needs of its clients.

Mr. Etribi expressed his confidence that the increased partnership with CI Capital will support future growth and maximize value for all parties.

On his part, Deputy Chairman of Banque Misr Akef el Maghrabi said the acquisition of 24 % of CICH shares will help the company expand in its non-banking financial services.

Leveraging on the new acquisition, Banque Misr will be able to have a footprint in microfinance, financial leasing, consumer finance and mortgage loans. 

CI Capital’s Chairman Mahmoud Attallah said the presence of Banque Misr as a main shareholder in the company represents a strong addition to the company.

Attallah said the latest change in ownership structure is expected to contribute to accelerating the CI’s already rapid pace of growth and creating more untapped new opportunities.

Earlier this month, Banque Misr, secured a senior unsecured loan of $100 million from the European Bank for Reconstruction and Development (EBRD).

Africa Inc reported that the funds were to be used to enhance the resilience of local businesses during the COVID-19 period.

This is the second time in two months that Banque Misr is raising its ownership stake in CI capital.

Last month, Banque Misr raised its stake in CI Capital Holding for Financial Investments from 7.3% to 10.16%, buying 28.643m shares in CI Capital with a total value of US$7.17 million.

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