CAIRO, Egypt – The Commercial International Bank (Egypt) has informed the Egyptian Exchange that it has finalized the procedures of selling the bank stake as well as Legal and General Company amounting to 45 percent and 55 percent, respectively, in Commercial International Life Insurance Company (CIL) to AXA Company.
In a disclosure, the bank said it will offer exclusive distribution services to AXA through a 10-year partnership agreement.
“This alliance is derived from CIB’s commitment towards its clients to continue offering them excellent value-for-money insurance products,” the bank disclosed.
AXA, which is one of the leading global insurance players, comes in with wealth of expertise in the insurance field and a notable track record of success.
Worth to note that CI Capital has acted as the exclusive sell side financial advisor to Legal and General and CIB. – BusinessNewsAsia.com