Response to Market Rumour

17 Sep 2008 11:57

Response to Market Rumour

In response to several queries and concerns posed by investors as well as brokers regarding a market rumour that a major shareholder in CIB is in the process of selling their stake in the Bank.

Although it is not CIB policy to address market rumours, however in light of recent local and global market conditions, CIB management felt the necessity of addressing such a rumour.

We would like to highlight that any major shareolder with Board seats cannot sell their stake without specifically announcing their intent to sell to the Egyptian Stock Exchange. This is according to the conformity of the rules and regulations of the CMA and Egyptian Stock Exchange. As such, we would like to clarify that no sale has been announced or requested by any Bank's shareholder with Board seat.

This is inline with CIB strategy of complete transparency towards our clients, investors and all regulatory requirements.