London Citi today signed an agreement with Commercial International Bank (CIB) to sell its consumer banking business in Egypt. The sale, which is subject to regulatory approvals, is targeted to close later in 2015. Approximately 900 full-time consumer banking and contract employees, eight Citi branches and the ATM network in Egypt will also transfer to CIB upon closing.
Citi intends to focus on expanding the services it offers to Egyptian corporations, banks and public sector clients as well as continuing to service its multi-national clients with operations in Egypt and global investors.
"Since 1975 we have proven our commitment to the country and will continue to grow and invest in our Institutional Clients business to better serve our local and global clients. We believe this transaction is a positive outcome for our Egyptian consumer banking customers and employees. We recognize their contribution to the rich Citi Egypt heritage and thank them for their longstanding support and partnership," said Nadir Shaikh, Citi Country Officer for Egypt. "This decision is in line with Citi's global strategy of focussing our resources on those sectors where we have a competitive advantage, including our institutional franchise in Egypt."
The sale represents yet another step in Citi's strategy of winding down Citi Holdings by divesting non-core operating businesses and assets in an economically rational manner. The sale also is a part of Citi's previously announced strategy to accelerate the transformation of the Global Consumer Bank by refining its footprint and streamlining operations to 24 markets where it has the greatest scale and growth potential.
Terms of the transaction were not disclosed.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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