Egypt's CIB signs agreement to buy Citibank's local retail operations

Egypt's Commercial International Bank, the country's largest private-sector bank, has signed an agreement to acquire Citibank Egypt's retail operations that had been up for sale.

CIB said in a statement on its website on Tuesday that the acquisition is subject to pending regulatory approval. It also says the move would integrate Citibank's staff and add significant value to clients and shareholders.

Citibank Egypt's website says it has 100,000 retail customers and operates 9 branches, including 8 in Cairo, and one in Alexandria.

Citigroup is streamlining its global retail banking operations to focus on corporate and investment banking and other services.

Last year, it agreed to sell its retail banking business in Japan to Sumitomo Mitsui Banking Corp.