Commercial International Bank CIB
البنك التجاري الدولي
TypeFinancial services
IndustryBanking and financial services
Founded1975 (1975)
Headquarters
Cairo
,
Egypt
Key people
Hussein Abaza [1] (CEO and chairman)
Services
Websitewww.cibeg.com/en

Commercial International Bank or CIB (Arabic: البنك التجاري الدولي) is an Egyptian bank, one of the largest banks in the Egyptian private sector,[2][3] working to provide a wide and distinguished range of banking products and services to its clients, including individuals, wealthy owners, institutions and companies of all kinds. Expert in the financial market and investment. The Commercial International Bank is one of the top 100 Companies in the Middle East 2021,[4] providing them with the best financial solutions & it was listed as number one in Forbes' annual list of Egypt’s Top 50 Companies.[5] The bank has maintained its existence as the most profitable commercial bank in Egypt for more than 35 years, thanks to its management that adopts the highest standards of transparency and governance in addition to the distinguished training programs provided to its employees, and the number of its employees is about 6000.

History

The Commercial International Bank was established in 1975,[6] with joint ownership by National Bank of Egypt (51%) and Chase Manhattan Bank (49%) under the name "Chase National Bank of Egypt".[7] In 1987, after Chase Bank’s decision to sell its share of the shares, the National Bank of Egypt established an increasing in its stake to 99.9%, and the bank’s name was changed to "Commercial International Bank – Egypt." The National Bank of Egypt's share continued to decline through several public offerings, to reach 18.7%. In 2006, a consortium led by Ripplewood Holdings acquired the share of the National Bank of Egypt. In July 2009, Actis purchased a 9.1% stake in Commercial International Bank, thus becoming the largest single shareholder in the bank's capital.

In March 2014, Actis sold part of its stake in the bank amounting to 2.6%. The sale was made through the Egyptian Stock Exchange to a group of several portfolio managers and international investment funds. In May of the same year, Actis sold its remaining 6.5% stake in the bank's capital to Fairfax Holding Company for Financial Services, and in late 2015 the Commercial International Bank acquired the shares of Citibank – Egypt through the Egyptian Stock Exchange and included all of its branches in its management. in April 2022 ADQ — one of Abu Dhabi's sovereign funds acquired a stake in the bank worth $911.457m.[8]

See also

References

  1. ↑ "Mr. Hussein Abaza". cibeg.com. Retrieved 10 April 2022.
  2. ↑ "CIB announces "Growing Together" Initiative winner". Daily News Egypt. 8 June 2022. Retrieved 8 June 2022.
  3. ↑ "CIB discusses advancing sustainable finance in Egypt and the road to COP 27 in 'Net Zero Delivery Summit'". zawya. 31 May 2022. Retrieved 8 June 2022.
  4. ↑ "Commercial International Bank (CIB)". forbes middle east. Retrieved 8 June 2022.
  5. ↑ Mughal, Waqar. "Egypt's Top 50 Listed Companies 2023". Forbes Lists. Retrieved 18 June 2023.
  6. ↑ "Commercial International Bank - Egypt (COMI)". mubasher info. Retrieved 8 June 2022.
  7. ↑ "Who we are". cibeg.com. Retrieved 10 April 2022.
  8. ↑ "ADQ acquires stake in CIB with a value of $911.457m". Daily News Egypt. 12 April 2022. Retrieved 8 June 2022.
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