Com.int.bk.regs Regulatory News (CBKD)

15 Jan 2007 08:00

Commercial Intnl Bank (Egypt) SAE15 January 2007 January 14th' 2007 Press Release CIB announces that, as part of the internal review of operations in one of ourbranches outside Cairo, misconducts by two senior employees were detectedleading to downgrades of our exposures with a number of retail credit clients. In light of the bank's prudent provisioning policy, this event has been fullycovered from our existing general provisions and accordingly will not have anymeaningful impact on the bank's full year projections. From past experience,management is confident that it can achieve a decent amount of recoveries. This announcement comes in line with CIB's long standing history of outstandinggovernance standards and continuance strife to abide by the highest transparencyvalues. Investor Relations Commercial International Bank (CIB) - Egypt This information is provided by RNS The company news service from the London Stock Exchange