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Alpha Oryx’s acquisition of CIB will not impact depositors, management

Alpha Oryx’s acquisition of CIB will not impact depositors, management

ArabFinance: Alpha Oryx Limited, a subsidiary of Abu Dhabi Developmental Holding Company (ADQ), announced that its acquisition of a 18.6% stake in the Commercial International Bank Egypt (CIB) (COMI) will not negatively impact the bank’s management or the interest of its depositors, according to a filing to the Egyptian Exchange (EGX) on Tuesday.

Alpha said that the acquisition is a milestone to the company and its related parties.

“The company together with its related parties plans to work closely with the management of the bank to identify opportunities for synergies and growth,” the Emirati company noted.

It is worth noting that Alpha Oryx acquired a 18.6% stake in CIB in consideration of $987.48 million.

CIB, the leading private sector bank in Egypt, provides banking services across the country through more than 200 branches and units.

The bank's segments include corporate banking, investment banking, retail banking, treasury and capital market services, and others.

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