Commercial International Bank
|Type||Public (DJ-CASE: COMI.CA|
|Industry||Banking and Financial Services|
|Founded||1975, Cairo, Egypt by merger between NBE and Chase Manhattan Bank|
|Operating income||US$2,477 million|
|Net income||US$1,282 million|
|Total assets||US$10.5 billion|
Commercial International Bank was established in 1975 as a joint venture between the National Bank of Egypt (51%) and the Chase Manhattan Bank (49%) under the name "Chase National Bank of Egypt”. Following Chase's decision to divest its equity stake in 1987, National Bank of Egypt (NBE) increased its shareholding to 99.9%, and the Bank changed its name to Commercial International Bank (Egypt) S.A.E. NBE’s stake gradually decreased through several public offerings till it reached 18.7%. In 2006, a Consortium led by Ripplewood Holdings acquired the NBE stake. In July 2009, Actis a leading emerging markets private equity firm, invested US$244 million to acquire shares in CIB. Hence, Actis acquired 50% of the stake held by the Consortium led by Ripplewood Holdings. Five months later, Ripplewood sold its remaining position of 4.7% in CIB through the open market. This move marked the successful transition of strategic partnership to be with Actis, who then became the largest shareholder in CIB with a 9.1% stake. In March 2014, Actis sold a portion of its holding in CIB, representing 2.6% of the Bank’s total outstanding shares, in the open market to a group of international investors. Later in the year, Actis, has successfully realised its investment in Commercial International Bank (CIB )and has sold its remaining 6.5% to Fairfax Financial Holdings Ltd (“Fairfax”) in May 2014. Having the strongest brand equity rightfully places CIB as the bank of choice for over 500 of Egypt’s largest corporations. Moreover, CIB shows tremendous upside potential within the bourgeoning Retail and SME Banking markets.
CIB has been consistently awarded for its broad range of products and services on numerous occasions by international publications. So Far into 2014, CIB was awarded as the “Best Trade Finance Bank in Egypt” from Global Finance Magazine and Global Trade View (GTR). In the first quarter of 2014, Global Finance also named CIB the “Best Foreign Exchange Provider Bank in Egypt,” “Best Sub-Custodian Bank” and also awarded CI Capital as “Best Investment Bank 2014”. In 2013, CIB has been named "Best Bank in Egypt” by Global Finance for the 17th year in addition to “Best Sub-Custodian bank in Egypt” for the 5th consecutive year as well as “Best Foreign Exchange Provider bank in Egypt” and “Best Trade finance Bank in Egypt”. CIB was awarded The Best Bank Award by Euromoney Excellence Award 2013, as well as Deal of the year by The Banker. Emeafinance also, granted CIB “Best Local Bank” for the 5th consecutive year in 2012, “Best Asset Manager in Egypt” for the 2nd consecutive year. CIB has been awarded "Best Asset Manager in Egypt” and “Best FX Provider in The Middle East” by Global Investors 2012. “Best Project Finance Deal in Africa”, “Best Natural Resources Deal in Africa”, and “Best Securitisation Deal in EMEA”. Moreover, CIB has received many accolades throughout 2012 and 2011. Such awards include “Deal of the Year’ and ‘Bank of the Year’ for the 3rd time from The Banker magazine. Also, Global Trade Review has named CIB as “Best Trade Finance bank in Egypt.
Through superior management, high operating standards, corporate governance best practices and premier training programs, CIB continues to be the most profitable commercial bank in Egypt. As of March 2014, CIB gross loan book reached EGP 46 billion, while customer deposits marked EGP 103 billion, with a paid-in capital of EGP 9 billion. The Bank has the largest market capitalization in the Egyptian Banking sector, amounting to over EGP 33 billion as of March 2014, and operates a wide distribution network of 155 outlets and more than 500 ATMs. With a full-fledged suite of products and services, along with its investment arm “CI Capital”, CIB manages to meet its clients’ financial needs with integrity and expertise.
- Kasse, Mahmoud (2006-08-21). "Egyptian bank plans to expand via partners". International Herald Tribune.
- "COMI:EGX Stock Quote - Commercial International Bank Egypt SAE - Bloomberg". bloomberg.com. Retrieved 10 August 2012.