Egypt’s Citadel to sell Sudanese Egyptian Bank

Reuters – Citadel Capital is in talks to sell its 66.1% ownership in the Sudanese Egyptian Bank as part of a programme to shed non-core assets, it said in a statement on Wednesday.

Citadel is narrowing its focus to energy, transport, agrifoods, mining and cement and plans to gradually shed holdings outside those areas over the next few years and convert it into a holding company from a private equity firm.

The firm, which has $9.5bn under management, includes holdings in dozens of companies, mainly in Egypt, east and north Africa, has suffered losses over the past two years partly due to Arab world turmoil.

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