CAIRO, Dec 17 (Reuters) - Egypt’s Orascom Telecom intends to merge its Beltone Financial subsidiary with CI Capital if its acquisition of the investment bank succeeds, Beltone said on Thursday.
Commercial International Bank (CIB), Egypt’s largest listed company, said on Thursday it had received an offer from Orascom Telecom, which is owned by billionaire Naguib Sawiris, to buy 100 percent of its investment banking arm for 1 billion Egyptian pounds ($127.7 million).
CIB will accept the bid, a banking source told Reuters.
Orascom Telecom bought a controlling stake in Beltone last month. (Reporting by Ehab Farouk; writing by Lin Noueihed; editing by Jason Neely)