Cairo bank merger talks fall through

Egypt's Commercial International Bank (CIB) said in a statement on Wednesday that its talks with Arab African International Bank (AAIB) on a possible merger had terminated.

The talks failed to reach an agreement, Ashraf Shash, director of strategic planning at CIB, told newswire Reuters.

CIB and AAIB, which is owned mainly by the Central Bank of Egypt and the Kuwait Investment Authority (KIA), announced in October last year that they had agreed to conduct exclusive due-diligence studies which could lead to a merger.

But CIB Chairman Hisham Ezz Al-Arab said in November that his bank would not rush into a merger.

Shash said: "It looked very unlikely that we could reach an agreement with AAIB shareholders on mutually acceptable terms." He declined to elaborate. (Reuters)

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM