Egypt's CIB board asks management to consider making offer for Citigroup retail ops

April 5, 2015 8:39 AM

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CAIRO, April 5 (Reuters) - The board of Egypt's Commercial International Bank (CIB) said on Sunday it has asked its management to decide whether to submit a binding offer for Citigroup's retail portfolio in Egypt after a due diligence process.

Citigroup said last year it was pulling out of consumer banking in 11 markets, including Japan and Egypt, as the U.S. bank with the biggest international business looks to cut its persistently high costs.

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