March 19, 2014 / 9:26 AM / 4 years ago

Egypt's Citadel to sell Sudanese Egyptian Bank

CAIRO, March 19 (Reuters) - Citadel Capital is in talks to sell its 66.1 percent ownership in the Sudanese Egyptian Bank as part of a program to shed non-core assets, it said in a statement on Wednesday.

Citadel is narrowing its focus to energy, transport, agrifoods, mining and cement and plans to gradually shed holdings outside those areas over the next few years and convert it into a holding company from a private equity firm.

The firm, which has $9.5 billion under management, includes holdings in dozens of companies, mainly in Egypt, east and north Africa, has suffered losses over the past two years partly due to Arab world turmoil.

Reporting by Noah Browning, editing by Louise Heavens

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below