Commercial International Bank Egypt acquires 15% stake in El Sewedy Engineering Industries
Commercial International Bank Egypt (CIB) (COMI) has acquired a 15% stake in El Sewedy Engineering Industries (SEI), a subsidiary of the Zaki El Sewedy Group, CIB announced in a press release on September 8.
The acquisition was executed through a capital increase by SEI, Egypt’s largest private sector bank said.
SEI will use the proceeds of the transaction to fund future expansions in local and regional markets, CIB added.
Through the capital increase, SEI aims to increase its stake in Arab Industrial and International Trading Co to 68.14% and in Elsewedy Lighting to 66.67%.
At the same time, CIB aims to increase the bank’s return on equity (RoE) by investing in the capital of SEI.
This operation is part of CIB’s notable role in providing direct investment services to companies as one of the financing solutions to meet the needs of clients.
Ironwood Investments acted as financial advisor for the transaction with SEI, while Talaat Law Office acted as legal advisor.
In addition, Ernst & Young Egypt and Intercap Capital were financial advisers to CIB, and Matouk Bassiouny and Hennawy acted as legal advisers to the bank.
CIB is the leading private sector bank in Egypt, operating in corporate banking, investment banking, retail banking, treasury and capital market services, and others.
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