The Central Bank of Egypt (CBE) approved, on Tuesday, the Commercial International Bank’s (CIB) acquisition of Citibank Egypt’s private retail banking portfolio.

The CIB explained, in a statement sent to the management of the Egyptian Stock Exchange, that it is about to take executive procedures for the merger.

The CIB had announced earlier that the value of the deal to acquire  Citibank’s retail banking portfolio  amounts to $140m in assets and $190m in deposits, and nearly 100,000 accounts.

CIB also added that the completion of the acquisition includes about 822 employees, eight branches, and that the ATM network of Citibank Egypt will be transferred to the CIB.

It is of note that the CIB had achieved ​​a net profit amounting to EGP 1.1bn during the first quarter of this year, compared to a net profit of EGP 805.7m during the first quarter of 2014.

The issued capital of the CIB is EGP 9.08bn, divided over 908 million shares, with a nominal value of EGP 10 per share.