Bank of New York appointed depositary bank for Egypt's Commercial International Bank
The Bank of New York has been selected as depositary for Egypt's Commercial International Bank's American depositary receipt (ADR) facility.
Each Commercial International ADR represents one ordinary share. The company's ordinary shares are listed on the Cairo Alexandria Stock Exchange.
Commercial International Bank, an Egyptian private-sector bank, provides diversified services to multinational and domestic private-sector industrial companies. It provides a range of banking and trust services to its customers and maintains 28 branches in Egypt.
The Bank of New York is the world's largest depositary for American and global depositary receipts, allowing non-US companies to offer dollar-denominated securities to investors worldwide. The bank currently issues depositary receipts for more than 1,300 sponsored programs representing 65 countries and accounts for 63 percent of all sponsored depositary receipt programs. — (menareport.com)
© 2004 Mena Report (www.menareport.com)