Moody’s improves 5 banks’ outlooks to positive amid latest reforms and deals

Wed, 13 Mar 2024 - 11:41 GMT

State-owned banks National Bank of Egypt, Banque Misr, and Banque du Caire, as well as Commercial International Bank (CIB) had their Caa1 long-term deposit ratings affirmed, with the Bank of Alexandria maintaining its B3 long-term deposit rating

AfDB supports CIB with $148M to prop up SMEs and trade

Thu, 30 Nov 2023 - 05:40 GMT

The AfDB clarified that the instruments and amounts include $10 million Line of credit with a tenor of 10 years, and $90 million subordinated loan with a tenor of 10 years.

Fitch Ratings lowers credit rating of 3 state banks and 1 private bank to B-

Tue, 14 Nov 2023 - 03:40 GMT

Fitch lowered its long-term issuer default rating for state-owned National Bank of Egypt, Banque Misr and Banque Du Caire, as well as Commercial International Bank (CIB)

CIB general assembly approves appointing Hisham Ezz Al-Araba as non-executive Chairman

Mon, 20 Mar 2023 - 04:03 GMT

In December 2022, renowned banker Hisham Ezz El Arab was nominated by the CIB Board of Directors to be appointed as a non-executive chairman of the board of directors, after obtaining the approval of Egypt's Central Bank.

CIB completes its acquisition of Kenyan Mayfair for $40M

Sun, 29 Jan 2023 - 06:28 GMT

The value of the CIB acquisition of 49 percent in “Mayfair CIB” amounted to about $40 million.

CIB nominates Hisham Ezz El Arab as Chairman of Board of Directors

Fri, 09 Dec 2022 - 04:57 GMT

Renowned Banker Hisham Ezz El Arab was nominated by The Commercial International Bank (CIB) Bank Board of Directors to be appointed as a non-executive chairman of the board of directors, after obtaining the approval Egypt’s Central Bank.

Hisham Ezz El Arab quits post at Central Bank, re-joins CIB as board member

Tue, 22 Nov 2022 - 03:32 GMT

The famed banker had resigned from his position as the CEO of CIB in October 2020.

WAFFARX expands platform with customer-centric offerings to maximize savings for consumers and brands

Sun, 20 Nov 2022 - 12:10 GMT

The company shares exciting announcements including a new service launch and collaboration with Egypt’s leading bank, Commercial International Bank (’CIB), at the first customer appreciation event.

Visa and CIB announce five recipients of first Egypt edition of Visa She's Next program

Tue, 13 Sep 2022 - 11:47 GMT

The five winners were selected from more than 150 applications submitted by Egyptian women entrepreneurs from a wide range of sectors, from textiles to education, food and beverage to professional services, beauty and wellness.

CIB Business Banking Signs a New 5-Year Deal with Visa

Thu, 23 Sep 2021 - 01:28 GMT

The new strategic agreement will provide business banking customers with a host of financial and non-financial services for their businesses to thrive. By leveraging Visa’s digital solutions and technological capabilities, CIB can grow its current SMEs base while strengthening its value proposition.

SODIC, CIB sign cooperation protocol for mortgage financing

Tue, 07 Sep 2021 - 03:17 GMT

The protocol includes providing various payment systems for the units that were delivered in accordance with the provisions and rules of the Egyptian Mortgage Finance Law, allowing the purchase of ready-to-delivery units available for sale in the various SODIC projects over a payment period of up to 20 years.

NBE-CIB consortium implements securitization bond offering for "Aman" worth LE585M

Thu, 26 Aug 2021 - 04:07 GMT

Yahya Aboul Fotouh, Vice Chairman of the Board of Directors of the NBE, said in a statement Thursday that the bank is keen to expand non-bank debt instruments, stressing that his bank is exerting the necessary effort and care to meet the needs of the bank’s customers in various sectors that positively affect the wheel of the national economy.

Fitch revises CIB's outlook to stable; affirms IDR at 'B+'

Tue, 03 Aug 2021 - 02:48 GMT

Fitch saw that pressures on the domestic operating environment have eased since end-3Q20, moderating downside risks to Egyptian banks' credit profiles. This reflects improving foreign-currency (FC) liquidity, with the banking sector's net foreign assets (NFAs) reaching $3.5 billion at end-April 2021.

IFC invests in Egypt’s 1st private sector green bond by $100M

Tue, 03 Aug 2021 - 02:17 GMT

IFC added in a statement that this investment is to help unlock finance for climate-smart projects, reduce greenhouse gas emissions, and support the country's transition to a greener economy.

Egypt’s CIB appoints Hussein Abaza as CEO and Managing Director

Thu, 24 Jun 2021 - 07:51 GMT

Egypt’s Commercial International Bank (CIB) announced, Thursday appointing Hussein Abaza as CEO and Managing Director of the Bank after receiving the Central Bank of Egypt (CBE) approval.

CIB logs profits of LE 10.23B in 2020

Mon, 01 Mar 2021 - 11:22 GMT

As for the bank's standalone financial statements, it achieved profits of LE 10.29 billion during 2020, compared to profits of LE 11.8 billion in 2019.

CIB to contract with int'l firm to conduct comprehensive assessment of oversight posts, lending processes at bank

Wed, 16 Dec 2020 - 03:31 GMT

The CIB's net profit declined to LE 7.34 billion during the period from January to September, 2020, compared to LE 8.53 billion recorded during the correspondent period in 2019.

CIB announces new board of directors headed by Sherif Samy

Mon, 26 Oct 2020 - 11:24 GMT

The new board of directors is headed by Sherif Samy as a Non-Executive Chairman.

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

Sun, 25 Oct 2020 - 09:43 GMT

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.

EGX decides to resume trading on CIB's shares

Sun, 25 Oct 2020 - 09:07 GMT

It was decided to suspend all offers and applications registered on the bank’s shares before publishing this announcement.