CIB's share dips 9% to reach LE60.6 at beginning of Sunday's session

CAIRO – 25 October 2020: The Commercial International Bank’s share fell by 9 percent to LE 60.6, at the beginning of Sunday’s  trading session , the first session of this week.

The Egyptian Stock Exchange (EGX) started its trading with a violent drop as the benchmark EGX30 dipped by  more than 4 percent to reach levels of  10,519 points, and the small and mid-cap index fell by 2.4 percent at 1,776 points.

Earlier expectations indicated that CIB would be subjected to a violent shakeup in Sunday’s session, in light of the recent events of the bank.

Earlier on Sunday, EGX decided to re-deal on the shares of the Commercial International Bank - Egypt, as of the beginning of today's session, Oct. 25.

EGX stated in a statement Sunday that it was decided to suspend all offers and applications registered on the bank’s shares before publishing this announcement, as the bank sent the decisions of the Board of Directors in its session held on October 22.

On Thursday, EGX decided to suspend trading on the shares of CIB - Egypt, at the request of the Financial Supervisory Authority.

Last Friday, CIB - Egypt announced the Board of Directors' unanimous decision to appoint Sherif Samir Sami, the current Chairman of the Governance and Nominations Committee, as a non-executive Chairman of the Board of Directors of the Commercial International Bank - Egypt, after obtaining the approval of the Central Bank of Egypt (CBE), according to the CIB statement.

The decision of the board of directors came after the resignation of Hisham Ezz Al-Arab from the chairmanship of the board, who was also the managing director of the bank, as of October 22, following a decision to step him aside by the CBE, pursuant to Clause (i) of Article (144) of the Central Bank of Egypt Law and the Banking System And promulgated by Law No. 194 of 2020.