Orascom Telecom (OTMT) said on Thursday it had asked its Beltone Financial subsidiary to complete the acquisition of the investment banking arm of Egypt's largest bank.
OTMT asks Beltone subsidiary to complete purchase of CI Capital
"This comes in line with OTMT’s strategy to combine CI Capital and Beltone to create a regional financial conglomerate," OTMT said in a statement.
A worker is seen at the headquarters office of Beltone Financial in Cairo, Egypt, October 26, 2015. REUTERS/Amr Abdallah Dalsh
"Accordingly, Beltone is expected to take all necessary procedures to successfully finalise the said transaction."
Egypt's Commercial International Bank accepted a bid from billionaire Naguib Sawiris's OTMT to buy its investment banking arm CI Capital this month.
OTMT, which has holdings in media, technology and cable businesses as well as energy, transport and logistics, is expanding into financial services. It plans to merge CI Capital with Beltone Financial, which it bought last month for almost 650 million Egyptian pounds ($83 million).
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