Commercial International Bank (CIB) was founded in 1975 as Chase National Bank, a joint venture between Chase Manhattan Bank and the National Bank of Egypt (NBE), with ownership of 49% and 51%, respectively. In 1987, Chase divested its ownership stake as part of a shift in its international strategy. NBE acquired that stake, renaming the former joint venture Commercial International Bank (CIB). Over time, NBE’s ownership stake in CIB declined, falling to 19% in 2006. That year, a consortium led by Ripplewood Holdings acquired NBE’s remaining stake. In July 2009, Actis, a Pan-African private equity firm specializing in emerging markets, acquired 50% of the Ripplewood Consortium’s stake. In December 2009, Actis became the single largest shareholder in CIB with a 9.09% stake after Ripplewood sold its remaining share of 4.7% on the open market. The emergence of Actis as the predominant shareholder marked a successful transition in the Bank’s strategic partnership. In March 2014, Actis undertook a partial realization of its investment in CIB by selling 2.6% of its stake on the open market, maintaining its seat on the board. In May 2014, the private equity firm sold its remaining 6.5% stake to several wholly-owned subsidiaries of Fairfax Financial Holdings, making the latter the sole strategic shareholder in CIB. Fairfax is represented on CIB’s Board of Directors by a non-executive member.

1975
  • Established as Chase National Bank: the first joint venture bank in Egypt
  • Becomes the first Egyptian bank to introduce an Institutional Banking Risk Rating Model

  • Becomes first private sector bank to create a dedicated division providing 24/7 banking services to shipping clients, with a primary focus on business in the Suez Canal
1977

1987
  • Chase Manhattan divests its stake in the Bank, and the Bank changes its name to Commercial International Bank (CIB)

  • Selected by BSP to become its agent in Egypt
1989

1991
  • First Egyptian commercial bank to arrange debt swap transactions
  • First bank to launch a smart card center in Egypt

  • Concludes Egypt’s largest initial public offering (IPO) for a domestic bank, which was 1.5x oversubscribed, selling 1.5 million shares in a span of 10 days and generating EGP 390 million in proceeds
1993

1994
  • First bank in Egypt to connect with the international SWIFT network

  • First Egyptian bank to have a Global Depository Receipt (GDR) program on the London Stock Exchange
  • First Egyptian bank to link to SWIFT via CITA
  • Concludes first and largest EUR-syndicated loan
  • Becomes first private sector bank with investment rating (after Luxor incident), rated BBB by Fitch IBCA
1996

1998
  • First private sector bank with investment rating (after Luxor incident), rated BBB by S&P
  • First bank to link its database to Misr for Central Clearing, Depository, and Registry (MCDR) Company
  • First Egyptian bank to form a Board of Directors Audit Committee

  • First Egyptian bank to register its shares on the New York Stock Exchange in the form of American Depository Receipts (ADR) Level 1 program
  • First bank to introduce FX cash services for five currencies through ATM
2001

2005
  • First bank in Egypt to launch a page on Bloomberg for local debt securities

  • First to adopt a pricing policy according to client risk rating to abide by Basel II requirements
  • First Egyptian bank to execute a EGP 200 million repo transaction in the local market
  • First and largest Egyptian bank to provide securitization trustee services
2006

2007
  • Only Bank in Egypt chosen by UNIFEM and World Bank to participate in the Gender Equity Model (GEM)

  • First bank to use Value at Risk (VaR) for trading and banking book for internal risk management requirements, despite there being no regulatory requirements
2008

2009
  • First regional bank to introduce unique concierge and Mastercard emergency services
  • Only Egyptian bank recognized as ‘Best Bank in Egypt’ by four publications—Euromoney, Global Finance, EMEA Finance, and the Banker—in the same year

  • First Egyptian bank to establish a Global Transaction Service Department
  • The only bank in Egypt able to retain one of the top two positions in the primary and secondary markets for Treasury Bills and Treasury Bonds
  • First and only Egyptian bank to enforce business continuity standards
  • CIB Foundation becomes the first in Egypt to have its annual budget institutionalized as part of its founding institution’s bylaws, as CIB shareholders unanimously agree to dedicate 1% of annual net profit to the Foundation
2010

2011
  • CIB-TCM becomes pioneer in trading in almost 114 new and unconventional currencies

  • First Egyptian bank to officially establish a Sustainable Development Department
2012

2013
  • First Egyptian bank to upgrade its ADRs to trade on the OTCQX platform
  • First Egyptian bank to sign an agreement with Bolero International, joining the Bolero multi-bank service for guarantees
  • First Egyptian bank to establish an ERM framework and roadmap
  • First Egyptian bank to use RAROC
  • First Egyptian bank to introduce an interactive multimedia platform that offers customers the option of interacting with call center agents over video calls

  • First Egyptian bank to sign an agreement with MCDR company to issue debit cards for investors to collect cash dividends
  • Launches first co-branded credit card, Mileseverywhere, with national carrier EgyptAir
  • Introduces the first interactive social media platform in the Egyptian banking industry
  • The first block trading transaction on the EGX takes place when Actis sells its 6.5% stake in CIB to Fairfax
2014

2015
  • First Egyptian bank to successfully pass external quality assurance on its Internal Audit Department
  • Generates highest FX income in 10 years among privatesector banks in Egypt
  • First Egyptian bank to recognize conduct risk and establish a framework

  • Launches mobile banking application
  • First Egyptian bank recognized as an active member of the United Nations Environmental Program — Financial Initiative
  • Receives Socially Responsible Bank of the Year 2016 award from African Banker
2016

2017
  • Becomes the only Egyptian bank ranked on the FTSE4Good Sustainability Index

  • First Middle Eastern company to be analyzed in a case study conducted by the Leadership Institute of the London Business School
  • Establishes CVentures, Egypt’s first corporate venture capital firm primarily focused on investing in transformational fintech startups
  • Receives ISO22301:2012 certification for Business Continuity Management by PECB, a global provider of training, examination, audit, and certification standards, in partnership with EGYBYTE, a leader in the MENA market for IT service management
  • Ranks first on the EGX’s sustainability index (S&P/EGX ESG) for the fifth year in a row since 2014
2018

2019
  • Included on the 2019 Bloomberg Gender-Equality Index (GEI), becoming the first Arab and African company to be named to the index out of the 230 companies. Bloomberg GEI is the world’s only comprehensive investmentquality data source on gender equality
  • Became the only representative from Egypt’s private sector to join the Digital Economy Task Force (DETF)
  • Launched CIB’s Chatbot named Zaki, which uses artificial intelligence, becoming the first bank in Egypt to introduce a chatbot that supports both English and colloquial Arabic
  • Became a founding signatory to the United Nations Environment Program Financial Initiative (UNEP-FI) Principles for Responsible Banking
  • Recognized by Forbes among the top 500 employers globally coming in 90th place—within the top 100 companies in the world

  • Acquires 51% of a Kenyan bank, now known as Mayfair CIB Bank Limited in Kenya, through a capital increase for a total transaction value of USD 35.35 million
  • Included in the 2020 Bloomberg Gender Equality Index (GEI), becoming the only company in Egypt and one of just a handful from Africa to be included in the index, which features 325 companies representing 42 countries across 50 industries with a demonstrable commitment to the global advancement of women in the workplace
  • Ranked 28th on Forbes Middle East’s Top 100 Listed Companies in the Arab World, ranking highest of the four Egyptian companies on the list
2020

2021
  • Issues green bond worth USD 100 million, making it the first bank to issue green bonds in the private sector
  • Ranked 24th on Forbes Middle East’s Top 100 Listed Companies in the Arab World
  • Becomes a founding member of the Net-Zero Banking Alliance