Company Insights Commercial International Bank Banking & Finance Commercial International Bank Overview Egypt’s Commercial International Bank (CIB) offers a broad range of financial products and services. CIB offers personal banking and says its business banking segment serves more than 77,000 SMEs “through a network of over a hundred experienced relationship managers”. Its headquarters are in Cairo and it also has offices in Dubai and Addis Addis Ababa, Ethiopia. It was founded as Chase National Bank, a joint venture between Chase Manhattan Bank and the National Bank of Egypt (NBE). Chase divested its stake to NBE in 1987 and the company was renamed Commercial International Bank. NBE reduced its ownership in CIB gradually, and in 2006 a consortium led by Ripplewood Holdings acquired its remaining 19 percent. In 2009, Actis – an African private equity firm specialising in emerging markets – acquired 50 percent of Ripplewood’s stake, becoming CIB’s single largest shareholder, with just over 9 percent. Actis then sold its remaining stake in 2014 to several wholly owned subsidiaries of Fairfax Financial Holdings. In April 2022 Alpha Oryx acquired almost 19 percent of CIB. Commercial International Bank News Banking & Finance Abu Dhabi-backed Egyptian bank doubles profits Commercial International Bank, the Egyptian lender backed by Abu Dhabi, has doubled its consolidated net profits for the first quarter of this year, compared with the same period in 2023. In an earnings release published on Sunday, CIB posted a net income of EGP11.9 billion ($253 million) at the start of this year, up from […] May 14, 2024 Analysis Economy Abu Dhabi’s $35bn throws Egypt a liquidity lifeline A $35 billion investment by Abu Dhabi sovereign wealth fund ADQ to develop a resort on Egypt’s north coast could cover the country’s liquidity needs for the next three to four years, analysts have said. Mostafa Madbouly, the Egyptian prime minister, said on Saturday he had signed an agreement with ADQ to develop a site […] February 27, 2024 Finance Egypt’s largest private bank gets $150m capital top-up The European Bank for Reconstruction and Development (EBRD) will provide a $150 million subordinated loan to Commercial International Bank (CIB), Egypt’s largest private bank, to shore up its capital base. The facility will strengthen CIB’s Tier II capital, bolster its growth prospects and improve its ability to weather external economic shocks, EBRD said in a […] November 17, 2023 Opinion Sustainability Middle East banks must prove net zero commitment New standards will hold to account banks proffering their climate change credentials October 16, 2023 Economy Egypt faces another devaluation, predict experts Economic analysts are predicting that the Egyptian government will be forced into a fourth devaluation of the Egyptian pound since February last year although uncertainty surrounds its timing and magnitude. Ramona Moubarak, head of Mena country risk at Fitch Solutions, cited sluggish capital inflows to Egypt and a growing parallel currency market due to persistent […] April 26, 2023 Banking & Finance ADQ buys stakes worth $1.85bn in Egyptian firms Abu Dhabi’s state holding company ADQ bought shares worth $1.85 billion in five publicly traded Egyptian companies in April, helping Egypt after the Ukraine crisis prompted foreign investors to flee. Egypt has been on the hunt for foreign exchange since Russia’s invasion of Ukraine prompted investors to pull billions of dollars out of its treasury […] April 28, 2022 Posts navigation
Banking & Finance Abu Dhabi-backed Egyptian bank doubles profits Commercial International Bank, the Egyptian lender backed by Abu Dhabi, has doubled its consolidated net profits for the first quarter of this year, compared with the same period in 2023. In an earnings release published on Sunday, CIB posted a net income of EGP11.9 billion ($253 million) at the start of this year, up from […] May 14, 2024
Analysis Economy Abu Dhabi’s $35bn throws Egypt a liquidity lifeline A $35 billion investment by Abu Dhabi sovereign wealth fund ADQ to develop a resort on Egypt’s north coast could cover the country’s liquidity needs for the next three to four years, analysts have said. Mostafa Madbouly, the Egyptian prime minister, said on Saturday he had signed an agreement with ADQ to develop a site […] February 27, 2024
Finance Egypt’s largest private bank gets $150m capital top-up The European Bank for Reconstruction and Development (EBRD) will provide a $150 million subordinated loan to Commercial International Bank (CIB), Egypt’s largest private bank, to shore up its capital base. The facility will strengthen CIB’s Tier II capital, bolster its growth prospects and improve its ability to weather external economic shocks, EBRD said in a […] November 17, 2023
Opinion Sustainability Middle East banks must prove net zero commitment New standards will hold to account banks proffering their climate change credentials October 16, 2023
Economy Egypt faces another devaluation, predict experts Economic analysts are predicting that the Egyptian government will be forced into a fourth devaluation of the Egyptian pound since February last year although uncertainty surrounds its timing and magnitude. Ramona Moubarak, head of Mena country risk at Fitch Solutions, cited sluggish capital inflows to Egypt and a growing parallel currency market due to persistent […] April 26, 2023
Banking & Finance ADQ buys stakes worth $1.85bn in Egyptian firms Abu Dhabi’s state holding company ADQ bought shares worth $1.85 billion in five publicly traded Egyptian companies in April, helping Egypt after the Ukraine crisis prompted foreign investors to flee. Egypt has been on the hunt for foreign exchange since Russia’s invasion of Ukraine prompted investors to pull billions of dollars out of its treasury […] April 28, 2022
