Egypt's largest listed bank, Commercial International Bank, has agreed to sell a further 13.7 percent stake in its CI Capital investment banking arm in two deals, CI Capital CEO Mahmoud Attalla said on Sunday. CIB finalised a deal in March to sell about 75 percent of CI Capital to a group of Egyptian and Gulf investors in a deal worth about $40 million.

Attalla said the bank has now reached agreement to sell a further 10 percent stake to a local investor and another 3.7 percent stake to a second investor, without specifying whether the second buyer is foreign or local. The bank has been seeking buyers for its investment banking business ever since a planned sale to Beltone Financial, agreed in February last year, failed to win regulatory approval.

Copyright Reuters, 2017