Actis Signals Entry Point In Egyptian Banking Sector

In a move that underlines the significant potential for investment that exists in Egypt's nascent banking sector, UK-based private equity investor Actis has agreed to pay US$244mn to acquire a 9.3% stake in Commercial International Bank, the country's largest lender by market value. The acquisition of 50% of a stake held by a US consortium led by the US' Ripplewood Holdings will represent the largest private equity investment in Africa this year, and will make Actis the largest single investor in CIB. Senior Partner Paul Fletcher said that 'within Egypt, CIB is the market's leading bank, perfectly positioned to achieve significant growth by extending its services into the retail banking sector.'

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