Banking on tourism is banking on Egypt

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Coastal Life

We’re home to world-class beaches, attracting second-home owners and tourists from around the world.

Heritage

Prehistoric. Pharaonic. Arab. Ottoman. Muslim. Christian. Jewish. There’s something for everyone.

Adventure

Dive. Sandboard. Kitesurf. Windsurf. Drive. Snorkel. Desert safari. Hot air balloons. Sail. Fly.

In ancient times Aswan was a garrison town for the military campaigns against Nubia; its quarries provided the granite used for ancient Egypt’s mammoth sculptures and obelisks.

Timeline of Milestones

1975

  • First joint venture bank in Egypt was Chase National Bank
  • Becomes the 1rst Egyptian bank to introduce an Institutional Banking Risk Rating Model

1977

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

1983

  • Head office moved to the Nile Tower building in Giza

1987

  • After 12 years in a joint venture, on 15 June Chase Manhattan divested its stake in the Bank, based on a decision to reduce its minority holdings worldwide
  • The Bank’s name was effectively changed to Commercial International Bank (CIB)

1989

  • CIB was selected by BSP to become its agent in Egypt
  • CIB remains the only bank that offers this service to airline passengers

1991

  • First Egyptian commercial bank to arrange debt swap transactions
  • CIB becomes first bank to launch smart card centre in Egypt

1993

  • CIB wins Euromoney’s ‘Best Bank in Egypt’ award for six consecutive years until 1998
  • Bank concludes Egypt’s largest IPO for a domestic bank on 12 September, with oversubscription rate of 150%, selling 1.5 million shares in a span of 10 days and generating EGP 390 mn in proceeds, using no underwriters but relying instead on the Bank’s own marketing and placement capabilities for share sales

1994

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

1996

  • First Egyptian bank to have a GDR program on London Stock Exchange

1997

  • First Egyptian bank to link to SWIFT via CITA
  • CIB concludes first and largest Euro-syndicated loan (USD 200 mn)
  • Becomes first private sector bank with investment rating (after Luxor incident) (‘BBB -‘ by Fitch IBCA)

1998

  • CIB becomes first private sector bank with investment rating (after Luxor incident (‘BBB -‘ by S&P)
  • First bank to link its database to that of Misr Clearing, Settlement & Deposit Company
  • First Egyptian bank to form Board of Directors Audit Committee

1998

  • CIB becomes first private sector bank with investment rating (after Luxor incident (‘BBB -‘ by S&P)
  • First bank to link its database to that of Misr Clearing, Settlement & Deposit Company
  • First Egyptian bank to form Board of Directors Audit Committee
  • First Internal Audit Department to be independent
  • One of the first Egyptian banks to establish a custody department
  • One of the first Egyptian banks that established a brokerage arm (CIBC)

2000

  • First two Certified Bank Auditors (CBA)

2001

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

2004

  • Heya becomes the first credit card on the market to acknowledge women’s financial independence

2005

  • Only bank in Egypt to be awarded JP Morgan Quality Recognition Award starting 2005 up until 2012
  • CIB launches Osoul, its first money market fund in LCY
  • First bank in Egypt to launch a page on Bloomberg for local debt securities

2006

  • CIB was the first to adopt a pricing policy according to the client risk rating as a step forward to abide by Basel II requirements
  • CIB was the first bank in Egypt to execute EGP 200 mn R’epo transaction in local market
  • First and largest Egyptian bank to provide securitisation trustee services

2007

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

2008

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

2009

  • CIB becomes first regional bank to introduce unique concierge and MasterCard emergency services
  • Only Egyptian bank recognised as ‘Best Bank in Egypt’ by four publications: Euromoney, Global Finance, EMEA Finance, and The Banker in the same year

2010

  • First Egyptian bank to establish a GTS Department
  • 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
  • CIB is the first and only local bank in Egypt to begin enforcing Business Continuity Standards
  • CIB Foundation becomes the first in Egypt to have its annual budget institutionalised as part of its founding institution’s by-laws, as CIB shareholders unanimously agreed to dedicate 1% of Bank’s net annual profit to the Foundation

2011

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

2012

  • CIB becomes the first Egyptian bank to officially establish a Sustainable Development Department

2013

  • First Egyptian bank to receive JP Morgan Elite STP Award
  • First Egyptian bank to upgrade its ADR to be traded on OTCQX platform US
  • First Egyptian bank to sign an agreement with Bolero International LTD joining the Bolero Multi-Bank service for Guarantees
  • CIB is the first bank in Egypt to establish ERM framework and road map, endorsed and monitored by the BoD
  • Becomes the first to use RAROC
  • CIB breaks the record for the highest number of blood donors in a corporate office in a single-day campaign in Egypt through the Triple Effect initiative inaugurated by the CIB Foundation
  • CIB becomes the first bank in Egypt to introduce an interactive multimedia platform that offers customers the option of interacting with call centre agents over video calls

2014

  • First Egyptian bank to sign agreement with Misr for Central Clearing, Depository, and Registry (MCDR) to issue debit cards for investors to collect cash dividends
  • CIB launches first co-brand credit card, Mileseverywhere, with national carrier EgyptAir
  • Introduces the first interactive social media platform in the Egyptian banking industry, available 24/7 to handle all customer queries
  • CIB becomes the first bank in Egypt to sponsor the establishment of intensive care units in Sohag through the Foundation, donating EGP 6 mn to outfit the pediatric department at Sohag University Hospital with cutting-edge equipment
  • The first block trading transaction on the EGX takes place when Actis sells its 6.5% stake in CIB to Fairfax

2015

  • First Egyptian bank to successfully pass external quality assurance on Internal Audit function
  • CIB launches roadside assistance services for the first time in Egypt
  • CIB generates highest FX income among private-sector banks in Egypt (in the past 10 years)
  • CIB becomes the first bank in Egypt to recognise conduct risk and establish a framework for it, despite the lack of regulatory requirements

2016

  • CIB launches its mobile banking application, which includes various banking services and offers clients numerous features to conveniently manage their accounts.
  • CIB becomes the first Egyptian bank recognised as an active member in the globally renowned United Nations Environmental Program - Financial Initiative.
  • CIB wins the Socially Responsible Bank of the Year 2016 award from African Banker.
  • Recognised for the first time for several awards, including:
    • Best Bank in Egypt Supporting Women Owned and Women Run Businesses by the American Chamber of Commerce in Egypt
    • Two awards in Achievement in Liquidity Risk and Operational Risk for Middle East & Africa by Asian Banker for 2016
    • Best Retail Risk Management Initiative by Asian Banker for 2016
    • Most Active Issuing Bank in Egypt in 2015 by The European Bank for Reconstruction and Development
    • Middle East Most Effective Recovery 2016 by BCI