Banque Misr increases stake in CI Capital to 24.7%

CAIRO - 13 August 2020:Banque Misr increased its ownership stake in CI Capital to 24.70 percent, making the bank the largest shareholder of the company. 

The CI Capital Holding for Financial Investments (CICH) offers diversified non-banking financial solutions and services to a large base of clients.

In a statement released on Thursday, Chairman of Banque Misr Mohamed el Etribi said the move comes as part of a strategy to develop non-banking financial services that enable the bank to meet the financing needs of its clients, expressing his confidence that this partnership will support future growth and maximize value for all parties. 

On his part, Deputy Chairman of Banque Misr Akef el Maghrabi said the acquisition of 24 % of CICH shares is to help the company expand in its non-banking financial services represented in microfinance, financial leasing, consumer finance and mortgage loans.  

Meanwhile, CI Capital's Chairman Mahmoud Attallah said the presence of Banque Misr as a main shareholder in the company represents a strong addition, as it is expected to contribute to accelerating the CICH's already rapid pace of growth and creating more untapped new opportunities.