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.
The value of the CIB acquisition of 49 percent in “Mayfair CIB” amounted to about $40 million.
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.
The famed banker had resigned from his position as the CEO of CIB in October 2020.
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.
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.
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.
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.
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 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 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 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.
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.
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.
The new board of directors is headed by Sherif Samy as a Non-Executive Chairman.
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.
It was decided to suspend all offers and applications registered on the bank’s shares before publishing this announcement.
As per standalone results, the bank’s profits reached LE 5.001 billion, compared to LE 5.35 billion in the first half of 2019.
Funding will be allocated to small and medium-sized companies, to support them in meeting their needs amid the negative economic effects of the coronavirus pandemic.
“We aim to learn from the Kenyan market as it is a developed market for financial inclusion,” he noted.