CIBs board approves capital raise

ArabFinance: The board of directors of the Commercial International Bank (CIB) (COMI) approved increasing the issued and paid-in capital by 1 billion shares, according to the banks statement to the Egyptian Exchange of March 1^st.

The capital increase will be financed from the general reserves with EGP 10 billion.

CIBs board also approved raising the authorized and paid-in capital by 12.27 million shares.

The boards decisions are pending regulatory approval.

The financial operator posted a consolidated net profit of EGP 10.23 billion in 200, down 12% when compared to EGP 11.800 billion in 2019.

CIB provides banking services across the country through more than 200 branches and units. The bank's segments include corporate banking, investment banking, retail banking, treasury and capital market services, and others.