CIB raises its capital to $216 million
Egypt’s Commercial International Bank (CIB) recently approved a capital increase to one billion Egyptian Pounds ($216 million). The capital will be obtained by the selling of the bank’s shares to an anchor investor at a nominal value of EP10 per share, reported Al-Alam Al-Yaum. The bank expects the transaction to be completed by June 2002.
CBI achieved net profits of EP401.8 million in 2001 compared to EP385 million during the previous year, translating into a 4.4 percent increase. Stockholder’s equity reached EP1.6 million during the same period, with the bank’s paid in capital reaching EP650 million.
CIB was established in 1975 as a joint venture between the National Bank of Egypt (NBE) and the Chase Manhattan Bank. NBE later sold 20 percent of its equity stake in CIB's capital through a global depository receipts (GDR) offering listed on the London Stock Exchange. The bank has 37 branched and 30 units located across Egypt. — (menareport.com)
© 2002 Mena Report (www.menareport.com)