Dubai Capital Group buys 5.24pc stake in CIB

Cairo - Aug 3, 2008 (WAM) - Commercial International Bank (CIB) said on Sunday Dubai Capital Group had bought a 5.24 per cent stake in the bank, the Gulf emirate's second major investment in a year in Egypt's financial sector.

Dubai Capital Group, part of Dubai Holding, had accumulated the stake of Egypt's largest publicly traded lender from the Egyptian and London stock exchanges over the past few months, a CIB spokesman said, without giving details.

Another Dubai firm bought a 25 per cent stake in EFG-Hermes, Egypt's largest
investment bank by market value, in November. Shares of CIB, which said in
May talks to merge with Arab African International Bank had ended, have
tumbled 20 per cent this year to Thursday's close.

Egypt's benchmark CASE 30 index is down 12 per cent this year. Shares of the
bank closed 0.2 per cent higher. Egypt, the fourth-largest Arab economy, is
growing at its fastest rate in at least two decades after the government cut
taxes and sold state assets.

CIB spokesman Sherif Khalil said the bank informs its shareholders when any
group acquires five per cent or more. Dubai Capital Group had informed the
Central bank of Egypt of its acquisition but it did not need central bank
permission, he added.