Citigroup to sell Egypt retail, card biz to CIB

Egypt's Commercial International Bank agreed to acquire Citibank Egypt's retail unit as the US bank withdraws from less profitable emerging-market businesses. About 900 full-time consumer banking and contract employees, eight Citi branches and the ATM network in Egypt will transfer to Commercial International Bank, Citigroup Inc said in an e-mailed statement on Tuesday. The sale, subject to regulatory approvals, is targeted to close later this year. Financial details weren't disclosed.