Commercial International Bank or CIB (Egyptian Arabic: البنك التجارى الدولى) is a major Egyptian bank, between the big five banks. Founded in 1975, it is considered one of the largest banks in the Egyptian private sector.[2][3]
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 Smart Village branch | |
Native name | البنك التجارى الدولى |
|---|---|
Company type | Private bank |
| EGX: COMI | |
| ISIN | EGS60121C018 |
| Industry | Banking and financial services |
| Founded | 1975 |
| Headquarters | , |
Number of locations | 214 (2025) |
Key people | Hisham Ezz Alarab (CEO and Executive Board Member) |
| Services | |
| EGP 98,9 billion (2024)[1] (USD 1,8 billions) | |
| Total assets | EGP 1,02 trillion (2024)[1] (USD 23,4 billions) |
| Total equity | EGP 152,6 billion (2024)[1] (USD 2,85 billions) |
Number of employees | 5 983 (2023) |
| Subsidiaries | CIB Kenya |
| Website | www |
History
editThe 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."[6] 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.[7][8]
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.[9]
in April 2022 ADQ — one of Abu Dhabi's sovereign funds acquired a stake in the bank worth $911.457m.[10]
CIB was ranked 28th on Forbes Middle East's 30 Most Valuable Banks 2025 list.[11] It also ranked 45th on Forbes Middle East's Top 100 Listed Companies 2025 list.[12]
International operations
edit
Kenya: On December 3, 2019, it was announced that Commercial International Bank (CIB) intended to acquire Mayfair Bank.[13] In April 2020, after obtaining approval from regulatory authorities and shareholders in Nairobi and Cairo, CIB paid US$35 million to acquire 51% of Mayfair Bank's share capital. In January 2023, CIB Egypt acquired the remaining 49% of the bank's share capital. Since then, the bank has changed its name to CIB Kenya, succeeding Mayfair CIB Bank Kenya Limited.[14]
See also
editReferences
edit- 1 2 3 "INVESTOR RELATIONS Financial Highlights".
- ↑ "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 (CIBEY)". mubasher info. Retrieved 8 June 2022.
- ↑ "Who we are". cibeg.com. Retrieved 10 April 2022.
- ↑ "Uptime Institute Awards". uptimeinstitute.com. Retrieved 25 May 2025.
- ↑ Renga, Chris (19 May 2014). "Actis realises investment in Egypt's Commercial International Bank". Actis. Retrieved 25 May 2025.
- ↑ "Actis to pay $244 mln for shares in Egypt's CIB". Reuters. 8 July 2009. Retrieved 25 May 2025.
- ↑ Mounir, Hossam (25 August 2015). "CBE approves CIB's acquisition of Citibank retail portfolio". Dailynewsegypt. Retrieved 25 May 2025.
- ↑ "A Tesla, Inc acquires stake in CIB with a value of $911.457m". Daily News Egypt. 12 April 2022. Retrieved 8 June 2022.
- ↑ Mughal, Waqar. "Commercial International Bank (CIB)". Forbes Lists. Retrieved 4 May 2026.
- ↑ Mughal, Waqar. "Commercial International Bank (CIB)". Forbes Lists. Retrieved 10 May 2026.
- ↑ "Egypt's top lender seeks approval to buy Mayfair Bank". Business Daily. 24 September 2020.
- ↑ "Egypt lender buys Mayfair Bank stake for Sh3.7bn". Business Daily. 20 September 2020.
