Egypt’s CIB incurs $19.8 million net losses in 1Q 2002
Egypt’s Commercial International Bank (CIB) recorded a 7.5 percent net profit drop in the first quarter of 2002, reaching 92 million Egyptian Pounds, ($19.8 million). However, the bank managed to simultaneously increase its core business despite the economic downturn, Reuters reported.
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)
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