Al Ahly Capital Holding has submitted a written expression of interest for the acquisition of CI-Capital holding, a CIB wholly owned subsidiary, according to a Thursday press release by CIB.

CIB clarified that the expression of interest did not include a non-binding offer, nor did it indicate a specific price.

“CIB has only received a written expression of interest concerning the acquisition of CI-Capital holding by Al Ahly Capital Holding upon completion of a due diligence process,” the bank added in the press release, in reference to previous media reports regarding the transaction.

“We have already received a non-binding offer from a potential buyer which was disclosed on December 17th, 2015. Accordingly, we highlighted to the interested party that they are requested to sign a Non- Disclosure Agreement and to present a non-binding offer in order for us to discuss the matter internally prior proceeding with a due diligence process in line with common practices in similar transactions,” the press release read.