Commercial International Bank
 | |
 New Borg El Arab city Branch | |
Native name | البنك التجاري الدولي |
|---|---|
| Company type | Private company |
| EGX: COMI | |
| Industry | Banking and financial services |
| Founded | 1975 |
| Headquarters | , |
| 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.[1][2]
History
[edit]The Commercial International Bank was established in 1975,[3] with joint ownership by National Bank of Egypt (51%) and Chase Manhattan Bank (49%) under the name "Chase National Bank of Egypt".[4]
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."[5] 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.[6][7]
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.[8]
in April 2022 ADQ — one of Abu Dhabi's sovereign funds acquired a stake in the bank worth $911.457m.[9]
See also
[edit]References
[edit]- ^ "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.