Commercial International Bank
 | |
 New Borg El Arab city Branch | |
Native name | البنك التجاري الدولي |
|---|---|
| Company type | Private company |
| Industry | Banking and financial services |
| Founded | 1975 |
| Headquarters | , |
Key people | Hussein Abaza [1] (CEO and chairman) |
| Services | |
| Website | www |
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]
History
[edit]The Commercial International Bank was established in 1975,[4] with joint ownership by National Bank of Egypt (51%) and Chase Manhattan Bank (49%) under the name "Chase National Bank of Egypt".[5] 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.[citation needed]
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.[6]
See also
[edit]References
[edit]- ^ "Mr. Hussein Abaza". cibeg.com. Retrieved 10 April 2022.
- ^ "CIB announces "Growing Together" Initiative winner". Daily News Egypt. 8 June 2022. Retrieved 8 June 2022.
- ^ "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.
- ^ "Commercial International Bank - Egypt (COMI)". mubasher info. Retrieved 8 June 2022.
- ^ "Who we are". cibeg.com. Retrieved 10 April 2022.
- ^ "ADQ acquires stake in CIB with a value of $911.457m". Daily News Egypt. 12 April 2022. Retrieved 8 June 2022.