Nevertheless, the shareholders recorded on April 6th are entitled to the cash dividends distribution.
In terms of expansion, the extraordinary general meeting, on March 15th, approved delegating the board of directors to issue financial instruments such as bonds or subordinated loans.
At a value of up to EGP 15 billion or its equivalent in foreign currencies, these bonds or subordinated debt will be issued in one or more tranches through a public or private offering in local or international markets, the bank said in a EGX statement on March 16th.
The ordinary general assembly ratified the issued and paid-up capital increase financing from the reserves. The bank will increase the capital from EGP 14,776,813,400 to EGP 19,702,417,900, however, the increase's shares will be distributed by one free stock for every three held for existing shareholders.
Established in 1975 and listed in 1995, Commercial International Bank - Egypt, commonly known as CIB, operates within the Banks sector focusing on Diversified Banks. It has subsidiaries operating across Egypt and the United Kingdom.
Commercial International Bank was established as a joint venture between the National Bank of Egypt (51%) and the Chase Manhattan Bank (49%) under the name "Chase National Bank of Egypt” and change its name in 1987.
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