15 June 2015
Clifford Chance advising Citi on the sale of its consumer banking business in Egypt
Clifford Chance is advising Citi on the sale of its consumer banking business in Egypt.
Citi entered into an agreement with Commercial International Bank (CIB) on 9 June 2015 and, subject to receiving regulatory approvals, the transaction is expected to close later in the year.
The transaction will entail the transfer of approximately 900 full time consumer banking and contract employees, eight Citi branches and the ATM network in Egypt to CIB.
The Clifford Chance team was led by Mohammed Al-Shukairy (M&A Partner, Dubai), with assistance from Andrew Steele (M&A Senior Associate, Dubai) and Deniz Tas (M&A Associate, Dubai).
Clifford Chance has a leading financial institutions M&A practice globally and in the Middle East. The firm regularly advises on the most high profile bank M&A transactions in the region, including recently, for example, the sale by National Bank of Kuwait of its stake in International Bank of Qatar.