WASHINGTON -- The World Bank's finance affiliate said it is buying a 5% stake in Commercial Institutional Bank of Egypt to assist in its privatization.
The purchase by the International Finance Corp. would be the largest initial investment it had ever made in a financial institution.
Commercial Institutional would become Egypt's only private bank. It was established in 1975 as a joint venture of National Bank of Egypt and Chase Manhattan Corp. Chase sold its stake to its partner in 1987; employees now own 30%. The briefs were compiled from staff and wire reports.