Portfolio company
Commercial International Bank (CIB) |  |
|---|
Company website | www.cibeg.com |
Business sector | Financial services |
Country of operation | Egypt |
Market | Africa |
Investment status | Current portfolio |
Investment type | Growth capital |
Date of original investment | 2009 |
Office | Cairo, Egypt |
CIB is the leading private sector bank in Egypt with total assets of US$11billion. CIB has an extensive retail banking network in Egypt with 155 branches and 492 ATMS.
Actis invested US$244m, the single largest shareholding, in Egypt’s Commercial International Bank (CIB), July 2009. This investment was the largest private equity deal in Africa in 2009.
The CIB investment is a landmark deal for Actis – the firm’s biggest equity cheque to date – reinforcing Actis’s belief in the continued advancement of the emerging market consumer and the sustained growth of Egypt’s banking system.
Adding Value
Actis will use its global network and local expertise to build on CIB’s strong brand and 35-year track record in commercial banking in order to expand the bank further into the retail sector.
Hisham Ezz Al-Arab, Chairman of CIB, commented, “With its 60-year legacy of investing in emerging markets, its deep experience in scaling financial institutions in other high growth markets, particularly in retail, and its network of emerging markets contacts, we believe Actis will be an extremely valuable partner as we accelerate our growth in consumer banking.”