05/12/2023
Let CIB guide your path Towards Financial Growth!📈
We're thrilled to announce that the leading private-sector bank in Egypt, CIB is joining us as our Platinum Sponsor for the 7th edition of Egypt Career Summit, on 1st and 2nd of March 2024 at the British University in Egypt! 🏦
About CIB:
CIB is the leading private-sector bank in Egypt, offering a broad range of financial products and services to its customers, which include more than 500 of Egypt’s largest corporations, enterprises of all sizes, institutions, and households. CIB’s strong brand and growth in retail and SME banking segments continues to introduce new customers to the bank. As a result, CIB has succeeded in becoming the most profitable commercial bank operating in Egypt for more than 40 years.
The Bank was founded in 1975 as Chase National Bank, a joint venture between Chase Manhattan Bank and the National Bank of Egypt (NBE). In 1987, Chase divested its stake to NBE, who renamed the former joint venture Commercial International Bank.
Over time, NBE’s ownership in CIB declined, and in 2006 a consortium led by Ripplewood Holdings acquired NBE’s remaining 19%. In 2009, Actis, a Pan-African private equity firm specializing in emerging markets, acquired 50% of Ripplewood Consortium’s stake and became CIB's single largest shareholder, with a 9.06% stake.
The emergence of Actis as CIB's predominant shareholder marked a key transition in the bank’s strategic relationships. In March 2014, Actis divested 2.6% of its stake in CIB on the open market, maintaining its seat on the board, and in May of that year, sold its remaining stake to several wholly-owned subsidiaries of Fairfax Financial Holdings. Fairfax Financial Holdings owns through its wholly-owned subsidiaries a total of 6.55% of CIB’s shares, making it the only strategic shareholder in CIB. Their interests in CIB are represented with one Board seat on the Bank’s Board of Directors.
📣Join us Now by filling out this form: https://docs.google.com/forms/d/e/1FAIpQLSfj0mUhQBkl9Z56N75wqRaBp09_nvkxObAVJeoigYfBZcG5xQ/viewform
