The Bank Of Egyptian Bank Essay
The bank was established first as a joint venture in 1975, this was between two banks “The Chase Manhattan Bank” and “National Bank of Egypt” the Egyptian bank acquired 51% and the American 49% it was named “Chase National Bank of Egypt”.
In 1987, the NBE (National Bank of Egypt) increased shareholders to 99.9% so it changed the name to CIB (Commercial International Bank) Egypt.
In 2006 Ripple Wood holdings acquired the NBE stake; in July 2009, “Actis” a leading emerging markets private equity firm invested to acquire share in CIB ‘244’ million US Dollars. The Actis acquired 50% of Ripple Wood holdings of the NBE stake, then after few months Ripple Wood holdings sold the remaining 4.7% through the open market so Actis became the largest shareholder by 9.1% stake.
In March 2014, Actis decided to sell 2.6% of the bank’s total outstanding shares to international investors, then later in years it sold the remaining 6.5% to subsidiaries wholly owned by Fairfax.
CIB is now the leading private sector bank in Egypt; it offers a broad range of financial services and financial products to its customers such as institutions, enterprise, and households. The bank’s goal is to provide superior financial solutions to their clients to meet with their needs. CIB’s completive advantage over its competitors and makes people chose it over 500 of the largest corporations in Egypt is its strong brand equity, it shows potential within the bourgeoning Retail and SME Banking markets;…