Good News for CIB!

According to recent news, Private equity firm Actis has agreed to pay $244 million to acquire a 9.3 percent stake in Commercial International Bank (COMI.CA) (COMIq.L), Egypt's largest lender by market value, Actis said on Wednesday.

Actis, who bought 27.3 million of CIB global depositary receipts for $8.93 each (just above Tuesday's closing price of $8.68) said that they've been interested in CIB believing it has "excellent growth potential".

Actis' acquisition makes it CIB's largest investor to date as well as the largest merger and acquisition transaction in Egypt this year.