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Article: Actis to Invest US$244 Million in Egypt's Commercial International Bank to Become Largest Single Shareholder.
- Article from:
- PR Newswire
- Article date:
- July 8, 2009
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CAIRO, July 8 /PRNewswire/ -- Actis, an emerging markets private equity specialist, is pleased to announce today that it has executed an agreement to invest US$244 million to acquire shares in Commercial International Bank, the leading bank in Egypt. Actis is acquiring 50% of the stake held by the consortium led by Ripplewood Holdings. The transaction makes Actis the largest single investor in CIB.
Commenting on the transaction, Actis Senior Partner Paul Fletcher said, "Actis is committed to the financial services sector as one of our core investment strategies within emerging markets where Egypt stands out for its excellent growth potential. Within Egypt, CIB is ...