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| Type | Public (DJ-CASE: COMI.CA |
|---|---|
| Founded | 1975, Cairo, Egypt by merger between NBE and Chase Manhattan Bank} |
| Headquarters |  Cairo, Egypt |
| Industry | Banking and Financial Services |
| Operating income | ▲ US$2,477 million |
| Net income | ▲ US$1,282 million |
| Total assets | ▲ US$10.5 billion |
| Subsidiaries | CI-Capital CIBC CIAM CIL Corplease Haykala Falcon |
| Website | www.cibeg.com |
Commercial International Bank, or CIB, is an Egyptian bank with headquartered in Cairo, Egypt. The bank is the largest private-sector lender in Egypt.[1]
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History
Commercial International Bank was established in 1975 as a joint venture between the National Bank of Egypt (NBE) (51%) and the Chase Manhattan Bank (49%) under its original name Chase National Bank of Egypt. Following Chase's decision to divest its equity stake in 1987, National Bank of Egypt increased its shareholding to 99.9%, and the Bank changed its name to Commercial International Bank (Egypt) S.A.E.[2]
During 1993, as part of its privatization strategy, CIB successfully launched a public share issue resulting in a decrease of the major shareholder's stake to 43%, while CIB and NBE employees became the owners of 16% of the Bank's capital in a parallel employee ownership plan. The remaining 41% was sold to over 14,000 Egyptian, Arab and multinational investors, including the International Finance Corporation.
In July 1996, National Bank of Egypt (NBE), CIB's principal shareholder, sold an additional 20% equity stake in CIB's capital through a Global Depository Receipts (GDR) offering listed on the London Stock Exchange. This was the first such offering by an Egyptian company and has proven to be a great success representing the highest level of subscription of any Middle East international equity offer to date, raising over $120 million.
In 1999, CIB launched its Retail Banking activity offering a wide range of products and services aiming at diversifying CIB income mix, and capitalizing on CIB strong corporate base. CIB then started an ambitious 4-year plan to centralize the bank (investing in the future). The IT conversion was finalized early in 2003 and the bank became fully centralized.
In 2003, CIB signed a contract with IFC whereby IFC would offer consultancy in developing the SMEs business. Also, CIB has upgraded its risk management in anticipation of Basle-II. Over the last few years, CIB added Commercial International Life Insurance (CIL), CONTACT Car Trading Company, and CorpLease for Financial Leasing to its affiliates. CIB now stands at a 5% market share in loans (public banks included), with plans for increasing this share to 10%, cross-border expansion, stock listing and regional presence.
See also
References
- ^ Kasse, Mahmoud (2006-08-21). "Egyptian bank plans to expand via partners". International Herald Tribune.
- ^ "Commercial International Bank Egypt SAE - Company Description". BusinessWeek. http://investing.businessweek.com/businessweek/research/stocks/snapshot/snapshot_article.asp?symbol=COMI. Retrieved on 2009-01-15.
External links
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