Commercial International Bank (CIB) announced that it has agreed to sell 71.94% of its investment banking subsidiary, CI Capital, to a group of Egyptian and GCC investors for EGP683.4mn, implying a total company value for CI-Capital of EGP950mn. CIB currently owns c100% of CI-Capital and, therefore, will retain a minority stake in the investment bank. The deal is still subject to regulatory approvals.   We estimate the sale will lead to a capital gain of cEGP375mn (book value for CI Capital in CIB’s books is cEGP430mn). This would represent a 6% uplift to our net income estimate for CIB in 2017e (EGP6,617mn). However, CIB’s management has indicated that most of the capital gain will be used as additional provisions; hence, we expect a limited earnings impact from the deal. (Company announcement, Elena Sanchez-Cabezudo)   CIB: EGP69.51 as of 01 December 2016, Rating: Buy, FV: EGP69.87 per share, MCap: USD4,570mn, COMI EY / COMI.CA