Egypt’s Commercial International Bank (CIB) has decided to submit a binding offer to acquire Citigroup’s retail portfolio in Egypt.
CIB has not provided any details about the value or timing of the offer, as the bank was unsure about the certainty of the transaction.
The takeover has been announced in March 2015 after Citigroup had opened its books for a due diligence process.
Citigroup decided to pull out of consumer banking in 11 markets, including Japan and Egypt last year, as part of its strategy to cut its persistently high costs.
CIB, which serves more than 500,000 clients with more than 6,000 employees, posted net profits of EGP3.7m ($485m) in 2014.
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