Last checked at 19 Dec 2013 13:47
Press release
Commercial International Bank- CIB- Egypt commence trading on OTCQX in the U.S.
Cairo, Egypt - December 19, 2013 - Commercial International Bank Ltd. (OTCQX: CIBEY; Egyptian Exchange Main Market: COMI.CA), the leading financial institution in Egypt, has chosen to have its American Depositary Receipts (ADRs) trade on OTCQX®, the best marketplace with qualified companies.
Commercial International Bank ("CIB") began trading today on OTCQX International Premier, a segment of the OTCQX marketplace reserved for world-leading non-U.S. companies that are listed on a qualified international exchange and provide their home country disclosure to U.S. investors. U.S. investors can find current financial disclosures and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
Being traded in the OTCQX underlines the Bank's pursuit of the highest levels of corporate governance, since financial information and price quotes will be available in real time on the website (www.otcmarkets.com), facilitating the trading of ADRs and increasing the Company's visibility abroad.
BNY Mellon will serve as CIB's Principal American Liaison ("PAL") on OTCQX, responsible for providing professional guidance on OTCQX requirements.
Hisham Ezz Al- Arab, CIB's Chairman and Managing Director commented: "Given our continued efforts to adopt the highest levels of corporate governance, we are very pleased to join OTCQX. Establishing a U.S. DR program on the OTCQX marketplace will facilitate the trading of ADRs and most importantly will provide our growing U.S. investor base with efficient access to our security, providing additional liquidity trading in their time zone. We strongly believe that OTCQX is the best OTC marketplace offering qualifying companies like CIB the means to grow our U.S. shareholder base through high-quality disclosure, transparent trading and ease of access to company information."
About Sponsored Level 1 ADR program
ADRs are U.S. dollar-denominated negotiable instruments issued by a depositary bank. They can represent a fraction of a share, a single share, or multiple shares of the foreign stock. The price of an ADR often tracks the price of the foreign stock in its home market, adjusted for the ratio of ADRs to the company's shares, but may vary according to other factors. Level 1 depositary receipts are the first level of sponsored ADRs that can be issued and may only be traded on the OTC market. When a company establishes a sponsored ADR program, it appoints a depositary bank who also acts as its U.S. transfer agent. The majority of sponsored ADR programs currently trading are Level 1 programs.
About Commercial International Bank (CIB)
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 (HNW) individuals. In addition to traditional asset and liability products, CIB offers wealth management, securitization, direct investment and treasury services, all delivered through client-centric teams. The Bank also owns a number of subsidiaries, including CI Capital (which offers asset management, investment banking, brokerage and research services), Commercial International Life Insurance Company, the Falcon Group, Egypt Factors, and Corplease.
CIB strives to provide clients with superior financial solutions to meet all of their financial needs. This enables the Bank to maintain its leadership position in the market, while providing a stimulating work environment for staff and generating outstanding value for shareholders.
For Further Information Please Contact:
CIB Investor Relations Department
Sherif Khalil
Head of Investor Relations
Email: Sherif.Khalil@cibeg.com
Yasmine Hemeda
Investor Relations Analyst
Email: Yasmine.Hemeda@cibeg.com
بيان صحفى
بدء تداول شهادات الإيداع الأمريكية الخاصة بالبنك التجارى الدولى-مصر- على OTCQX في الولايات المتحدة
يسر البنك التجارى الدولى مصر أن يعلن أنه بدءاً من اليوم الخميس الموافق 19 ديسمبر 2013 سيتم تداول شهادات الإيداع الأمريكية الخاصة بالبنك على OTCQX في الولايات المتحدة. جدير بالذكر أن هذا التطور إلى OTCQX يأتى بعد أن كنا ضمن .OTC Pink
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