CAIRO, Dec 1 (Aswat Masriya) - Egypt’s Commercial International Bank (CIB) signed an agreement on Thursday to sell 71.94% of CI Capital Holding's stake to a group of non-related Egyptian and Gulf investors at EGP683.4 million.

CI Capital is CIB's investment bank arm, that provides financial advisory services. Its total value equals EGP950 million. 

The move to sell CI Capital comes in line with the CIB's strategy "to gradually exit from its subsidiaries and affiliated investments…in order to enable CIB to focus exclusively on its core banking activities," Egypt's largest listed bank said in a statement.

CIB also said that the transaction will be finalised “once all necessary regulatory approvals are obtained”.

Last December, CIB accepted a bid made by Egyptian billionaire Naguib Sawiris to buy CI Capital.

The two parties signed an EGP 924 million agreement in February to sell CI Capital to Beltone Financial, subsidiary to Sawiris’s Orascom Telecom Media and Technology Holding.

But in June, CIB announced it dropped plans to sell CI Capital to Beltone due to its delay to acquire necessary regulatory approval.