The Egyptian Commercial International Bank posted, on August 22, net profits of EP 193.5 million for the first half of 2001. According to Al-Sharq Al-Awsat newspaper, the profits represent a 4.1 percent rise in comparison to the EP 185.8 million figure in the corresponding period of last year.
Total customer deposits for CIB rose six percent to EP 12.1 in the first six months of the current year, whereas customer loans increased 1.9 percent to EP 10.05 billion. Shareholder’s equity rose from EP 1.5 billion to EP 1.7 billion.
The bank’s Chief Executive, Mr. Mahmoud Abdul-Aziz, stated that the bank has finalized a new strategy which will enhance the financing of large deals within Egypt and the Middle East. Abdul-Aziz added that there is integration in the bank’s activities in the field of financial portfolios and investment funds management.
The Commercial International Bank was established in 1975 as a joint venture between the National Bank of Egypt, holding a 51 percent share, and the Chase Manhattan Bank, with 49 percent, under its original name "Chase National Bank of Egypt." In 1987, National Bank of Egypt increased its shareholding to 99.9 percent and the bank changed its name to Commercial International Bank (Egypt) S.A.E.
During 1993, as part of its privatization strategy, CIB successfully launched a public share issue resulting in a decrease of the major shareholder's stake to 43 percent, while CIB and NBE employees became the owners of 16 percent of the bank's capital in a parallel employee ownership plan. The remaining 41 percent was sold to private Egyptian investors and Arab and multinational investors. In 1996, National Bank of Egypt, sold an additional 20 percent equity stake in CIB's capital through a Global Depository Receipts (GDR) offering listed on the London Stock Exchange.
The Commercial International Bank has recently purchased 51 percent of the stakes in the Herms Financial Group, which holds varied investment and bond funds in Egypt. — (Mena Report)
© 2001 Mena Report (www.menareport.com)
