(Adds details, context)
CAIRO May 19 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
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
The statement said CI Capital Investment Banking acted as
the exclusive financial adviser to Actis.
(Reporting by Stephen Kalin; editing by Jason Neely)