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Latest in Tag: CIB

Private equity firm Actis reduces stake in Egypt’s CIB

Reuters – Private equity firm Actis has reduced its holding in Commercial International Bank (CIB), Egypt’s biggest listed bank, to 6.5%, CIB said on Monday. CIB said Actis sold a 2.6% stake in the bank “in the open market to a group of international investors”. The shares were sold to Egyptian and other Arab institutions …

Daily News Egypt

MidEast Stocks: CIB’s strong earnings lift Egypt; Aldar drags down Abu Dhabi

Reuters – Egypt’s bourse rose on Wednesday as the country’s biggest listed bank posted strong fourth-quarter earnings, while markets in the United Arab Emirates weakened after a disappointing earnings report from Abu Dhabi property developer Aldar. Egypt’s index added 1.0% to 7,571 points after Commercial International Bank (CIB) posted a 29% rise in quarterly net …

Daily News Egypt

CIB inaugurates electronic Corporate Payment System

The Commercial International Bank (CIB) has inaugurated the first centre to pay custom fees and sales taxes electronically in the “Goods village” at Cairo international airport with a system called corporate payment system (CPS). It is planned to serve businessmen and large sized companies, said the head of customs authority Mohamed El-Salhawy. Businessmen and large …

Sara Abou Bakr

CIB and EFG-Hermes take over one-third of Tuesday’s trading

By Islam Serour Commercial International Bank (CIB) and Hermes Financial group represented one-third of the total market turnover on Tuesday, after two weeks of stability. The CIB stock witnessed active turnover due to deals by foreign institutions, and closed out at EGP 28.5 after exceeding the EGP 28 barrier, scoring a 1.3 percent increase. In …

Daily News Egypt

Egypt’s CIB says 2011 net profit fell 20.1 pct

By Reuters CAIRO: Commercial International Bank (CIB), Egypt’s biggest private bank by assets, said on Wednesday its consolidated net profit fell 20.1 pct in 2011 to LE1.62 billion Egyptian pounds ($268.4 million). The decline in profit was “primarily driven by much higher provisions” taken “as a pre-emptive measure to cope with the ongoing economic upheaval …


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