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CAIRO, May 19 (Reuters) - Egypt’s biggest listed bank, Commercial International Bank, said in a statement on Monday that private equity firm Actis had sold its remaining 6.5 percent stake in the bank to Fairfax Financial Holdings Ltd.
Actis invested in CIB in 2009, making it the bank’s largest single shareholder. It had sold another 2.6 percent stake to international investors in March, the statement said.
“We are proud of what CIB has accomplished; CIB has a bright future with a growing market share in both corporate and retail banking,” said Hossam Abou Moussa, an Actis director.
“The consumer banking proposition in particular has grown significantly to capture strong demand for personal finance and saving products.”
CIB posted a 22-percent rise in first-quarter net income. It said deposits increased by 6.1 percent to 102.7 billion pounds with a deposit market share of 7.5 percent.
Hisham Ezz Al-Arab, CIB chairman and managing director, said the bank was “excited that internationally renowned investor, Fairfax, see the true potential of the Egyptian market and our organisation”.
The statement said CI Capital Investment Banking acted as the exclusive financial adviser to Actis.
Reporting by Stephen Kalin; editing by Jason Neely