CIB to submit offer for Citigroup's Egyptian retail portfolio

April 20, 2015 10:58 AM

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CAIRO, April 20 (Reuters) - Egypt's Commercial International Bank (CIB) said on Monday its management had decided to submit a binding offer to acquire Citigroup's retail portfolio in Egypt.

It did not provide any details about the value or timing of the offer and said it was not certain that it would result in a transaction. CIB said last month that Citigroup had opened its books for a due diligence process.

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