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Cairo, March 11th, 2015 - Commercial International Bank (CIB) announces today that CITI Bank has opened its data rooms for CIB as part of a due diligence process that could lead towards an acquisition of CITI's offered retail portfolio.
CIB's decision to move forward is entirely based on the outcome of the information and communication of the due diligence process. There can be no assurance that discussions between CIB and CITI will result in any specific transaction, and it is possible that no transaction will occur.
Accordingly, the negotiations are still in preliminary stages and the Bank will inform the market of any new material event that results from this process.
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