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Commercial International to buy Citi unit

Commercial International Bank of Egypt is buying Citigroup’s retail business in Egypt. Citigroup had put the Egyptian unit up for sale as part of its plan to exit countries where it lacks scale and potential for growth. Cairo-based Commercial International Bank beat nearly a dozen mostly regional lenders who were hoping to expand in the Arab world’s most populous country. The deal will help boost the bank’s presence with consumers and credit-card customers. Citigroup will now have a small presence in Egypt. Several international banks, including BNP Paribas and Societe Generale, have sold most or all of their operations in the country.

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