International Commercial Bank Or CIB (Arabic ：البنكالتجاريالدولي） Is An Egyptian Bank And One Of The Largest Banks In The Private Sector In Egypt.
History
International Commercial Bank Was Established In 1975 And Is Jointly Owned By The National Bank Of Egypt (51%) And Chase Manhattan Bank (49%) Under The Name "Chase National Bank Of Egypt". In 1987, After Chase Bank Decided To Sell Its Shares, The National Bank Of Egypt Increased Its Stake To 99.9% And The Bank Name Was Changed To "Egyptian Commercial International Bank". The Share Of The National Bank Of Egypt Continued To Decline Through Several Public Offerings, Reaching 18.7%. In 2006, A Consortium Led By Ripplewood Holdings Acquired The Shares Of The National Bank Of Egypt. In July 2009, Actis Acquired A 9.1% Stake In International Commercial Bank, Becoming The Largest Single Shareholder In The Bank's Capital.
In March 2014, Actis Sold A Portion Of Its Stake In The Bank, Totaling 2.6%. The Sale Was Made Through The Egyptian Stock Exchange To Several Portfolio Managers And International Investment Funds. In May Of The Same Year, Actis Sold Its Remaining 6.5% Stake In The Bank's Capital To Fairfax Holding Company For Financial Services, And In Late 2015 Acquired A Stake In Citibank Egypt Through The Egyptian Stock Exchange, Bringing All Of Its Branches Under Its Management. In April 2022, A Sovereign Fund From Abu Dhabi Acquired A Stake In The Bank Worth $911.457m.
