Commercial International Bank - Egypt

COMPANY DESCRIPTION

The Commercial International Bank was established in 1975 as a joint venture between the National Bank of Egypt (51%) and the Chase Manhattan Bank (49%) under its original name 'Chase National Bank of Egypt'. Following Chase's decision to divest its equity stake in 1987, National Bank of Egypt increased its shareholding to 99.9%, and the Bank changed its name to Commercial International Bank (Egypt) SAE.

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%, while CIB and NBE employees became the owners of 16% of the Bank's capital in a parallel employee ownership plan. The remaining 41% was sold to over 14,000 Egyptian, Arab and multinational investors, including the International Finance Corporation.

According to the bank's web site, it is the 5th largest in bank in Egypt (in terms of assets held), the 3rd largest bank in Egypt (net worth), and the Best Bank in Egypt according to Euromoney - 10 years in a row.