Commercial International Bank

Commercial International Bank or CIB is an Egyptian bank. Founded in 1975, it is considered one of the largest banks in the Egyptian private sector.[1][2]

History

The Commercial International Bank was established in 1975,[3] with joint ownership by National Bank of Egypt (51%) and Chase Manhattan Bank (49%) under the name "Chase National Bank of Egypt".[4]

In 1987, after Chase Bank's decision to sell its share of the shares, the National Bank of Egypt established an increasing in its stake to 99.9%, and the bank's name was changed to "Commercial International Bank – Egypt."[5] The National Bank of Egypt's share continued to decline through several public offerings, to reach 18.7%.

In 2006, a consortium led by Ripplewood Holdings acquired the share of the National Bank of Egypt. In July 2009, Actis purchased a 9.1% stake in Commercial International Bank, thus becoming the largest single shareholder in the bank's capital.[6][7]

In March 2014, Actis sold part of its stake in the bank amounting to 2.6%. The sale was made through the Egyptian Stock Exchange to a group of several portfolio managers and international investment funds.

In May of the same year, Actis sold its remaining 6.5% stake in the bank's capital to Fairfax Holding Company for Financial Services, and in late 2015 the Commercial International Bank acquired the shares of Citibank – Egypt through the Egyptian Stock Exchange and included all of its branches in its management.[8]

in April 2022 ADQ — one of Abu Dhabi's sovereign funds acquired a stake in the bank worth $911.457m.[9]

See also

• List of banks in Egypt
• Hisham Ezz Alarab