Last checked at 4 Aug 2008 08:50
Cairo, August 3rd, 2008.
In line with CIB strategy to maintain the highest level of transparency, the management would like to announce that Dubai Capital Group L.L.C. as of July 31st, 2008 owns 5.24% of CIB shares.
Dubai Capital Group is the regional investment management company of Dubai Group. Dubai Group is the leading diversified financial services company of Dubai Holding focused on banking, investments and insurance regionally and globally.
Dubai Capital Group activities include investment banking, asset management and alternative investments, with a focus on semi-governmental and governmental institutions in the Middle East & North Africa. Dubai Capital Group's investment portfolio includes Sphinx Glass Factory, Tamweel and a US$ 1bn joint venture with Qatar Investment Authority.
Mustafa Farid Geninah, CEO, Dubai Capital Group said: "Our investment in the Commercial International Bank- one of the best rated banks in Egypt- is part of our mandate to establish long term strategic partnerships in the region that add value to our portfolio and our shareholders. We believe that the bank's excellent performance in its competitive home market, backed by solid management expertise is second to none. This investment strengthens the capital base of CIB, providing us opportunities in an environment which has been challenged by the changes in the global financial services sector."
Headquartered in Cairo, Egypt, The 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 its original name 'Chase National Bank of Egypt'. Following Chase's decision to divest its equity stake in 1987 the Bank changed its name to Commercial International Bank (Egypt) S.A.E. CIB is the number one private sector bank in the country, with total assets of EGP 58 billion (USD 11 billion). CIB is the highest rated Egyptian bank by S&P, Moody's and Fitch, capped only by the sovereign ceiling for Egypt set at BB+. CIB has an extensive retail banking network in Egypt with 147 focal point branches and over 465 ATMs. Moreover, the Banker magazine has recently awarded CIB as "The Bank of the Year, 2007, Egypt" based on market reputation, financial strength, profitability, and leadership in management, corporate governance, innovation and technology. CIB remains to be focused on human capital acquisition and retention, core corporate culture and values, and integrating its synergies as Egypt's leading financial service conglomerate offering premier quality to its customers while maximizing shareholders' value.
For more information please log on www.cibeg.com and/or www.dubaigroup.com