Commercial International Bank

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Commercial International Bank
Public
Traded as CASE: COMI.CA
OTCQXCIBEY
Industry Banking and Financial Services
Founded 1975, Cairo, Egypt by merger between NBE and Chase Manhattan Bank
Headquarters Cairo, Egypt
Key people
Increase US$6,3 billion
Increase US$3.79 billion
Total assets Increase US$16.9 billion
Subsidiaries CI-Capital
CIBC
CIAM
CIL
Corplease
Falcon
Website www.cibeg.com

The Commercial International Bank (CIB) is the largest private-sector bank in Egypt.[1][2] The company corporate headquarters are located in Cairo, Egypt. The bank serves more than 500,000 clients and has more than 6,000 employees.[3]

CIB is the largest listed corporation in Egypt with a market value of $4.8 Billion, revenues of $1.3 Billion and total assets of $16.4 Billion.

The company is ranked in the Forbes Global 2000[4] listing which represents the largest corporations in the world. Currently, there are only two Egyptian companies making the list.

Chairman and Managing Director: Hisham Ezz Al-Arab.

History[edit]

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”. Mr. Ali Dabbous was Chase National Bank’s first Chairman, serving from 1975 to 1982.[5] 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 Subsidiaries wholly owned by Fairfax Financial Holdings Ltd (“Fairfax”) in May 2014.

CI Capital[edit]

CI Capital is the investment banking arm of the Commercial Internationational Bank (CIB) with corporate headquarters in Cairo. It is one of the largest investments banks in the Middle East and North Africa (MENA) region. In 2015, Global Finance Magazine ranked CI Capital as the best Investment Bank in Egypt.[6]

The investment bank serves a range of clients including governments, corporations, financial institutions, high-net-worth individuals and retail customers.

CI Capital has the following four divisions:

Asset Management.[7]

CI Capital Asset Management (CIAM) is the largest bank-backed asset manager in Egypt and second-ranked overall with more than EGP 11 billion in Assets under Management. CIAM offers fixed income, money market and equity products.

Investment Banking.[8]

CI Capital have advised on transactions worth in excess of EGP 84 billion since inception, including initial public offerings, secondary offerings, private placements, rights issues, debt restructurings and bond issuances. CI Capital Investment Banking is the partner of choice for major national, regional clients seeking sophisticated advisory on complex national and cross-border M&A, equity and debt capital markets, and corporate finance transactions.

Securities Brokerage.[9]

CI Securities Brokerage (CIBC) is the number one securities broker in Egypt by market share of trading executions.[10] The division was the only broker in Egypt to execute transactions worth in excess of EGP 1 billion last year.

Research.[11]

CI Capital Research has a coverage of more than 80% of the aggregate MENA market cap. The department offers an unrivaled, comprehensive product lineup as well as access to senior management at leading MENA corporations via management roadshows, reverse roadshows, and one-on-one conference calls. They are also the organizer of the largest Egypt-focused investor conferences held annually across Cairo, South Africa, London and New York, which play host to participants including high-level Egyptian government officials, Central Bank of Egypt policymakers, and senior corporate managers.[12]

CorpLease[edit]

CorpLease (Corporate Leasing Company Egypt S.A.E) is a broad-based financial services company operating in Egypt since 2004 and providing a range of leasing products and services.[13]

It focuses on large and medium ticket leasing transactions in all sectors and industries.

CorpLease has four primary business lines: Vendor Finance, Direct Leasing, SME Finance and Structured Finance.

Commercial International Insurance (CIL)[edit]

Commercial International Life Insurance was formed in 1999 as an Egyptian joint stock company offering international value-for-money life insurance products.

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.[14]

Awards and Recognitions[edit]

CIB is recognized as the bank with the strongest brand equity in corporate banking in Egypt, it has also been consistently recognized on a global level as the 'Best Bank in Egypt', an award it has received on numerous occasions by publications such as The Banker, Global Finance, Euromoney and Emerging Markets.[15]

References[edit]

  1. ^ Kasse, Mahmoud (2006-08-21). "Egyptian bank plans to expand via partners". International Herald Tribune. 
  2. ^ "COMI:EGX Stock Quote - Commercial International Bank Egypt SAE - Bloomberg". bloomberg.com. Retrieved 10 August 2012. 
  3. ^ http://www.cibeg.com/English/InvestorRelations/Pages/Fast-facts.aspx.  Missing or empty |title= (help)
  4. ^ http://www.forbes.com/companies/commercial-international-bank/.  Missing or empty |title= (help)
  5. ^ http://annualreport2015.cibeg.com/
  6. ^ https://www.gfmag.com/media/press-releasess/global-finance-names-worlds-best-investment-banks-2015?page=4.  Missing or empty |title= (help)
  7. ^ http://www.noozz.com/Pages/CI-Capital/13.  Missing or empty |title= (help)
  8. ^ http://www.noozz.com/Pages/CI-Capital/13.  Missing or empty |title= (help)
  9. ^ http://www.noozz.com/Pages/CI-Capital/13.  Missing or empty |title= (help)
  10. ^ http://www.cibc-dynamic.com.eg/pr-single3.html.  Missing or empty |title= (help)
  11. ^ http://www.noozz.com/Pages/CI-Capital/13.  Missing or empty |title= (help)
  12. ^ http://www.newyorkpalace.com/ci-capitals-third-annual-egypt-conference-2015.  Missing or empty |title= (help)
  13. ^ http://www.corplease.com.eg/abt.html.  Missing or empty |title= (help)
  14. ^ http://www.cibeg.com/English/AboutCIB/Pages/Awards.aspx.  Missing or empty |title= (help)
  15. ^ http://middleeastarab.com/eg/dir/commercial-international-bank-cib.html.  Missing or empty |title= (help)

External links[edit]