Commercial International Bank

Commercial International Bank CIB

New Borg El Arab city Branch
Native name	البنك التجاري الدولي
Company type	Private company
Industry	Banking and financial services
Founded	1975 (1975)
Headquarters	Cairo , Egypt
Key people	Hussein Abaza (CEO and chairman)
Services	Financing, Retail banking
Website	www.cibeg.com

Commercial International Bank or CIB (Arabic: البنك التجاري الدولي) is an Egyptian bank, one of the largest banks in the Egyptian private sector.

History

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

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

See also

• List of banks in Egypt