Commercial International Bank of Egypt
CIB Head Office
Smart Village – B219
Muhafazzat at Jizah, Egypt
N: 4449 0000
- Bloomberg gender Equality Index
CHIEF SUSTAINABILITY OFFICER
Amal El Araby
- Best Bank in Egypt
- Best Bank Transformation in the Middle East
Commercial International Bank (CIB) Egypt SAE
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 the name “Chase National Bank of Egypt”. Following Chase’s decision to divest its equity stake in 1987, National Bank of Egypt (NBE) increased its shareholding to 99.9%, and the Bank changed its name to Commercial International Bank (Egypt) S.A.E. NBE’s stake gradually decreased through several public offerings till it reached 18.7%. In 2006, a Consortium led by Ripplewood Holdings acquired the NBE stake. In July 2009, Actis, a leading emerging markets private equity firm, invested US$ 244 million to acquire shares in CIB. Hence, Actis acquired 50% of the stake held by the Consortium led by Ripplewood Holdings. Five months later, Ripplewood sold its remaining position of 4.7% in CIB through the open market. This move marked the successful transition of strategic partnership to be with Actis, who then became the largest shareholder in CIB with a 9.1% stake. In March 2014, Actis sold a portion of its holding in CIB, representing 2.6% of the Bank’s total outstanding shares, in the open market to a group of international investors. Later in the year, Actis, has successfully realised its investment in Commercial International Bank (CIB )and has sold its remaining 6.5% to Subsidiaries wholly owned by Fairfax Financial Holdings Ltd (“Fairfax”) in May 2014.
Commercial International Bank (CIB) is the leading private sector bank in Egypt, offering a broad range of financial products and services to its customers, which include enterprises of all sizes, institutions, households and high-net worth individuals. The Bank strives to provide clients with superior financial solutions to meet all of their financial needs. Having the strongest brand equity rightfully places CIB as the bank of choice for over 500 of Egypt’s largest corporations. Moreover, CIB shows tremendous upside potential within the burgeoning Retail and SME Banking markets. Through its superior management, high operating standards, corporate governance best practices and premier training programs, CIB has succeeded in becoming the most profitable commercial bank operating in Egypt for more than 40 years.
Company Sustainable Activity
According to the company:
“We have built a market-driven banking service that spans the entire country. CIB maintains a 33% share in the Egyptian market, which includes over 100 million people. Due to Egypt’s size, we serve 3% of the 1.2 billion people on the African continent. CIB’s Board of Directors believes that our responsibilities as a company extend beyond Egypt’s boundaries and stretch across the blossoming motherland of Africa.
We are striving to grow together toward accessible and inclusive finance for all by deploying digital banking services, expanding our reach to unbanked people across the continent, and empowering women and youth through diverse programs and projects.
We understand that all sustainability efforts are directed toward the collective wellbeing of individuals and society. To that end, we have made shifts in our policies, practices and services that reflect the bank’s long-term commitment to the empowerment of all our stakeholders. This report provides an overview of material practices and topics that are part of our sustainability spectrum.
It identifies national and regional challenges and describes how the bank takes the lead in making an impact. The theme of this report – A Blossoming Land – highlights CIB’s support for both national and continental sustainable development goals and efforts to ensure that no one is left behind. CIB’s 2018 Sustainability Report presents the multidimensional and interrelated initiatives that represent our continued commitment toward financial inclusion, fintech, youth and women’s empowerment, agribusiness, long-term community health programs and environmental practices.
All of these targets have become fundamental to our business leadership.”
- ISO 22301 (2012
- Egyptian Green Pyramid Certificate Gold Rating
- GPRS Certificate
Sustainable Development Goals
How company covers SDGs
CIB caters to 33% of the Egyptian market, thus giving them a huge responsibility to act towards the environment and sustainability. They do not follow any SDGs by the united nations, however they do have a list of goals they aim to achieve towards sustainability. They lack any awards, and they have a few certifications which are recognized. Overall the information regarding their efforts are not certain, but their lending to the oil and gas industry causes more harm to the environment due to the harmful effect that industry has.
Although CIB Egypt supports oil and gas, and does not have any awards and few certifications, they are starting a sustainable agenda, and have a 2018 Sustainability Report. They are continuing with their negative actions towards the environment and are not very transparent, so have received a ‘D’ rating.