Egypt: Best Domestic Bank 2021
Commercial International Bank
It’s almost as if Egypt’s leading private sector bank saw 2020 coming. Commercial International Bank’s expansive network of retail customers, high net worth individuals, enterprises and institutions touch all facets of the nation’s economy, and pretty much every sector – commercial, corporate, retail, SMEs and wealth.
The bank’s CEO Hussein Abaza does a lot with 209 branches, a workforce of over 7,000 employees, and only two representative offices outside Egypt – one in Dubai, the other in Addis Ababa. Both are used as channels to drive significant business through these key markets, while capitalizing on the capabilities developed since CIB’s founding in 1975.
Key among those capabilities: 500 of Egypt’s largest corporations are CIB’s clients. They are enterprises of all sizes and in all sectors, offering an organic level of diversification and stability. In addition, CIB has four strategic subsidiaries and affiliates: CVentures (in which CIB holds 99.99%), Mayfair CIB (51%), Falcon Group (30%) and Fawry Plus (23.5%).
All these moving parts have, for several years now, made CIB Egypt’s most profitable bank.
Last year, of course, was a very different environment as Covid-19 lockdowns slammed top-line economic growth.