Actis sells down stake in listed Eqyptian bank CIB

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UK emerging markets private equity firm Actis has sold down its stake in Egyptian banking group Commercial International Bank (CIB) to 6.5 per cent.

The firm previously took a 9.1 per cent stake in CIB in 2009 and will retain a seat on the board.

Actis sold a 2.6 per cent stake in the Cairo-listed bank for $117m, Reuters reported.

In December 2013 Actis closed its third energy fund, Actis Energy 3, on $1.15bn, exceeding its original target of $750m.

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