Actis, the UK-based private equity investor, has bet on the continued growth of Egypt’s banking system by buying a $244m stake in the country’s biggest commercial lender, marking the biggest private equity deal in Africa this year.

The deal for a 9.3 per cent stake in Commercial International Bank underlines the continued interest of international investors in Egypt’s banking sector, which is dominated by three state-owned groups. The market, however, has big potential for growth, as only one in five adults have a bank account.